Confluent, Inc. (NASDAQ:CFLT) Given Average Recommendation of "Moderate Buy" by Analysts

Shares of Confluent, Inc. (NASDAQ:CFLT - Get Free Report) have earned an average rating of "Moderate Buy" from the thirty ratings firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $33.39.

Several research analysts have commented on CFLT shares. Truist Financial lowered their target price on Confluent from $40.00 to $35.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Barclays dropped their price objective on shares of Confluent from $37.00 to $29.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Bank of America boosted their target price on shares of Confluent from $26.00 to $31.00 and gave the stock an "underperform" rating in a research note on Wednesday, February 12th. Raymond James began coverage on Confluent in a research note on Friday, April 11th. They issued an "outperform" rating and a $30.00 price target for the company. Finally, William Blair restated an "outperform" rating on shares of Confluent in a research report on Monday, March 17th.

Insider Activity

In related news, CAO Kong Phan sold 2,178 shares of Confluent stock in a transaction on Friday, February 21st. The shares were sold at an average price of $31.58, for a total value of $68,781.24. Following the completion of the sale, the chief accounting officer now owns 177,415 shares of the company's stock, valued at approximately $5,602,765.70. This trade represents a 1.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at approximately $14,628,937.04. The trade was a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,200,746 shares of company stock worth $38,505,150 in the last quarter. 13.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new position in Confluent during the 4th quarter valued at about $81,092,000. Pictet Asset Management Holding SA lifted its holdings in shares of Confluent by 7,342.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company's stock valued at $65,748,000 after purchasing an additional 2,319,919 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Confluent during the fourth quarter valued at approximately $64,658,000. Vishria Bird Financial Group LLC grew its holdings in Confluent by 1,301.3% during the first quarter. Vishria Bird Financial Group LLC now owns 1,234,929 shares of the company's stock worth $28,947,000 after buying an additional 1,146,803 shares in the last quarter. Finally, MIG Capital LLC purchased a new stake in Confluent in the 4th quarter valued at $27,007,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $23.81 on Thursday. The firm has a 50 day moving average of $24.90 and a 200-day moving average of $27.42. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $7.95 billion, a PE ratio of -22.05 and a beta of 1.03.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. On average, equities research analysts predict that Confluent will post -0.83 EPS for the current fiscal year.

About Confluent

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.