Confluent (NASDAQ:CFLT) Stock Rating Reaffirmed by Truist Financial

Confluent (NASDAQ:CFLT)‘s stock had its “buy” rating reissued by equities research analysts at Truist Financial in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $36.00 price objective on the stock, up from their previous price objective of $33.00. Truist Financial’s price objective would suggest a potential upside of 29.36% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Canaccord Genuity Group raised Confluent from a “hold” rating to a “buy” rating and upped their target price for the company from $28.00 to $35.00 in a report on Wednesday. Loop Capital began coverage on shares of Confluent in a research note on Tuesday, January 30th. They set a “hold” rating and a $23.00 target price on the stock. The Goldman Sachs Group upped their target price on Confluent from $24.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, February 8th. JMP Securities boosted their price target on shares of Confluent from $25.00 to $38.00 and gave the company a “market outperform” rating in a report on Thursday, February 8th. Finally, Canaccord Genuity Group raised shares of Confluent from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.72.

Confluent Trading Down 2.8 %

Confluent stock opened at $27.83 on Wednesday. The stock has a market capitalization of $8.70 billion, a PE ratio of -18.93 and a beta of 0.93. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62. Confluent has a 12-month low of $14.69 and a 12-month high of $41.22. The firm has a 50 day simple moving average of $30.23 and a 200-day simple moving average of $26.24.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.01). Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. The firm had revenue of $213.18 million for the quarter, compared to the consensus estimate of $204.62 million. As a group, equities research analysts expect that Confluent will post -0.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Chad Verbowski sold 8,086 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total transaction of $252,283.20. Following the sale, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total transaction of $252,283.20. Following the transaction, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the completion of the sale, the insider now owns 479,537 shares of the company’s stock, valued at $15,225,299.75. The disclosure for this sale can be found here. Insiders sold a total of 1,433,170 shares of company stock valued at $46,438,029 in the last quarter. 13.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CFLT. Invesco Ltd. grew its holdings in shares of Confluent by 14.0% during the 3rd quarter. Invesco Ltd. now owns 3,824,055 shares of the company’s stock valued at $113,230,000 after purchasing an additional 470,002 shares during the last quarter. KADENSA CAPITAL Ltd acquired a new position in shares of Confluent in the third quarter valued at approximately $11,512,000. Tower Research Capital LLC TRC boosted its position in Confluent by 18,649.2% during the 3rd quarter. Tower Research Capital LLC TRC now owns 12,187 shares of the company’s stock worth $361,000 after buying an additional 12,122 shares during the period. Northern Trust Corp grew its holdings in Confluent by 45.7% during the 3rd quarter. Northern Trust Corp now owns 1,044,896 shares of the company’s stock worth $30,939,000 after acquiring an additional 327,940 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Confluent by 13.0% in the 3rd quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock valued at $545,546,000 after acquiring an additional 2,125,843 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Company Profile

Confluent, Inc operates a data streaming platform in the United States and internationally. The company provides platforms that allow customers to connect their applications, systems, and data layers, such as Confluent Cloud, a managed cloud-native software-as-a-service; and Confluent Platform, an enterprise-grade self-managed software.