Confluent (NASDAQ:CFLT) Upgraded at Stephens

Confluent (NASDAQ:CFLT) was upgraded by investment analysts at Stephens to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other equities research analysts have also recently weighed in on the stock. Morgan Stanley cut their price objective on shares of Confluent from $32.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. Truist Financial dropped their price target on shares of Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Robert W. Baird dropped their price target on shares of Confluent from $37.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Canaccord Genuity Group dropped their price target on shares of Confluent from $38.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Finally, Needham & Company LLC dropped their price target on shares of Confluent from $40.00 to $26.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $30.21.

Confluent Trading Down 0.2%

NASDAQ CFLT opened at $25.38 on Thursday. Confluent has a one year low of $17.79 and a one year high of $37.90. The company’s 50 day moving average price is $23.85 and its 200 day moving average price is $25.62. The company has a debt-to-equity ratio of 1.07, a quick ratio of 4.42 and a current ratio of 4.42. The firm has a market capitalization of $8.64 billion, a price-to-earnings ratio of -25.90 and a beta of 0.99.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. Confluent had a negative net margin of 31.42% and a negative return on equity of 29.92%. The company had revenue of $271.12 million during the quarter, compared to the consensus estimate of $264.45 million. During the same quarter last year, the company earned $0.05 earnings per share. Confluent’s revenue for the quarter was up 24.8% on a year-over-year basis. On average, sell-side analysts predict that Confluent will post -0.83 EPS for the current year.

Insider Transactions at Confluent

In other news, Director Lara Caimi sold 2,864 shares of the company’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $24.10, for a total value of $69,022.40. Following the completion of the sale, the director directly owned 4,296 shares of the company’s stock, valued at $103,533.60. This represents a 40.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $24.50, for a total value of $5,696,250.00. Following the completion of the sale, the chief executive officer directly owned 452,488 shares of the company’s stock, valued at approximately $11,085,956. This trade represents a 33.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 546,669 shares of company stock valued at $12,637,193. 9.20% of the stock is currently owned by insiders.

Institutional Trading of Confluent

A number of large investors have recently bought and sold shares of the business. Madison Investment Advisors LLC acquired a new position in Confluent during the 4th quarter worth approximately $5,116,000. Commonwealth Equity Services LLC boosted its position in Confluent by 4.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock worth $323,000 after acquiring an additional 458 shares during the last quarter. Xponance Inc. boosted its position in Confluent by 6.3% during the 4th quarter. Xponance Inc. now owns 33,144 shares of the company’s stock worth $927,000 after acquiring an additional 1,962 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in Confluent during the 4th quarter worth approximately $2,028,000. Finally, Virtu Financial LLC acquired a new position in Confluent during the 4th quarter worth approximately $579,000. 78.09% of the stock is owned by institutional investors.

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.