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

Confluent, Inc. (NASDAQ:CFLT - Get Free Report) has been assigned an average rating of "Moderate Buy" from the twenty-nine brokerages that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $30.11.

A number of equities research analysts have commented on CFLT shares. Robert W. Baird dropped their price objective 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. Wells Fargo & Company dropped their price objective on shares of Confluent from $32.00 to $30.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Canaccord Genuity Group dropped their price objective 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. Bank of America increased their price objective on shares of Confluent from $26.00 to $31.00 and gave the company an "underperform" rating in a research report on Wednesday, February 12th. Finally, Guggenheim dropped their price objective on shares of Confluent from $38.00 to $31.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st.

Confluent Stock Performance

Shares of NASDAQ:CFLT traded up $0.91 on Monday, hitting $22.75. 7,312,346 shares of the company were exchanged, compared to its average volume of 4,810,853. 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's 50 day moving average price is $22.37 and its 200 day moving average price is $27.16. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90. The firm has a market capitalization of $7.74 billion, a P/E ratio of -21.06 and a beta of 1.02.

Confluent (NASDAQ:CFLT - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.01. The company had revenue of $271.12 million during the quarter, compared to analysts' expectations of $264.45 million. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The firm's revenue for the quarter was up 24.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.05 earnings per share. Sell-side analysts predict that Confluent will post -0.83 EPS for the current year.

Insider Buying and Selling

In other news, insider Erica Schultz sold 63,729 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $29.47, for a total value of $1,878,093.63. Following the completion of the sale, the insider now owns 502,424 shares in the company, valued at approximately $14,806,435.28. This trade represents a 11.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Ban Ryan Norris Mac sold 9,476 shares of the firm's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $21.83, for a total transaction of $206,861.08. Following the completion of the sale, the executive now owns 427,515 shares of the company's stock, valued at $9,332,652.45. This trade represents a 2.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 584,884 shares of company stock worth $15,388,207 in the last 90 days. Company insiders own 9.20% of the company's stock.

Hedge Funds Weigh In On Confluent

Large investors have recently made changes to their positions in the stock. Credit Industriel ET Commercial purchased a new position in shares of Confluent in the 4th quarter valued at about $28,000. Cloud Capital Management LLC purchased a new position in shares of Confluent in the 1st quarter valued at about $26,000. Versant Capital Management Inc increased its holdings in shares of Confluent by 2,458.2% in the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock valued at $40,000 after purchasing an additional 1,647 shares in the last quarter. Banque Transatlantique SA purchased a new position in shares of Confluent in the 1st quarter valued at about $43,000. Finally, Blue Trust Inc. increased its holdings in shares of Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock valued at $58,000 after purchasing an additional 1,607 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company's stock.

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.