Confluent, Inc. (NASDAQ:CFLT) Receives $27.36 Average Target Price from Analysts

Key Points

• Confluent, Inc. has received a consensus rating of "Moderate Buy" from analysts, with nineteen buy ratings and one sell rating among thirty-two firms covering the stock.
• The average one-year price target for Confluent shares is $27.36, reflecting revisions from several investment firms, including a reduction from Royal Bank of Canada and Truist Financial.
• Confluent reported a 20.1% year-over-year revenue increase and achieved earnings per share of $0.09, surpassing analysts' consensus estimate of $0.08 for the last quarter.

Confluent, Inc. (NASDAQ:CFLT - Get Free Report) has been given a consensus rating of "Moderate Buy" by the thirty-two brokerages that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation, nineteen have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $27.3571.

A number of equities analysts have weighed in on CFLT shares. Raymond James Financial decreased their price objective on shares of Confluent from $30.00 to $25.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Piper Sandler decreased their price objective on shares of Confluent from $32.00 to $27.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Oppenheimer decreased their price objective on shares of Confluent from $32.00 to $26.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Loop Capital cut their target price on shares of Confluent from $30.00 to $22.00 and set a "hold" rating on the stock in a research note on Wednesday, April 23rd. Finally, TD Cowen restated a "hold" rating and issued a $24.00 target price on shares of Confluent in a research note on Thursday, July 31st.

Confluent Stock Up 1.2%

Confluent stock traded up $0.20 during trading on Friday, reaching $16.76. 2,879,996 shares of the company's stock were exchanged, compared to its average volume of 6,447,746. The company's 50-day moving average is $23.49 and its two-hundred day moving average is $24.83. The company has a debt-to-equity ratio of 1.03, a quick ratio of 3.98 and a current ratio of 3.98. Confluent has a 52-week low of $15.64 and a 52-week high of $37.90. The firm has a market cap of $5.78 billion, a price-to-earnings ratio of -17.80 and a beta of 0.96.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.08 by $0.01. The firm had revenue of $282.29 million during the quarter, compared to analysts' expectations of $278.32 million. Confluent had a negative net margin of 29.27% and a negative return on equity of 27.34%. The firm's revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.06 EPS. On average, analysts predict that Confluent will post -0.83 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Rohan Sivaram sold 27,710 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $21.83, for a total transaction of $604,909.30. Following the completion of the sale, the chief financial officer directly owned 673,693 shares in the company, valued at approximately $14,706,718.19. This trade represents a 3.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Neha Narkhede sold 20,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $22.82, for a total transaction of $456,400.00. Following the sale, the director owned 20,247 shares of the company's stock, valued at $462,036.54. The trade was a 49.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 486,669 shares of company stock valued at $11,439,593. 13.82% of the stock is currently owned by insiders.

Institutional Trading of Confluent

A number of large investors have recently added to or reduced their stakes in the business. Neuberger Berman Group LLC bought a new stake in Confluent during the second quarter worth approximately $305,000. Norges Bank purchased a new stake in shares of Confluent in the 2nd quarter valued at approximately $89,736,000. Quadrature Capital Ltd purchased a new stake in shares of Confluent in the 2nd quarter valued at approximately $355,000. Hsbc Holdings PLC lifted its position in shares of Confluent by 655.7% in the 2nd quarter. Hsbc Holdings PLC now owns 243,596 shares of the company's stock valued at $6,013,000 after acquiring an additional 211,360 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its position in shares of Confluent by 0.8% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 206,317 shares of the company's stock valued at $5,143,000 after acquiring an additional 1,650 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

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.