Confluent (NASDAQ:CFLT) Rating Increased to Strong-Buy at Stephens

Stephens upgraded shares of Confluent (NASDAQ:CFLT - Free Report) to a strong-buy rating in a report released on Thursday morning,Zacks.com reports.

CFLT has been the subject of a number of other research reports. Wells Fargo & Company reduced their price objective on Confluent from $32.00 to $30.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Piper Sandler lowered their price objective on Confluent from $40.00 to $32.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Needham & Company LLC reduced their target price on Confluent from $40.00 to $26.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Canaccord Genuity Group reduced their price objective on Confluent from $38.00 to $32.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Finally, UBS Group upped their price objective on Confluent from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Friday, July 11th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $30.21.

Confluent Stock Down 0.2%

NASDAQ CFLT traded down $0.05 during mid-day trading on Thursday, reaching $25.38. 4,349,711 shares of the company's stock traded hands, compared to its average volume of 5,021,375. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90. The company has a fifty day simple moving average of $23.85 and a 200-day simple moving average of $25.61. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 1.07. The company has a market cap of $8.64 billion, a price-to-earnings ratio of -25.90 and a beta of 0.99.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.01. The business had revenue of $271.12 million for the quarter, compared to the consensus estimate of $264.45 million. Confluent had a negative return on equity of 29.92% and a negative net margin of 31.42%. The business's revenue was up 24.8% on a year-over-year basis. During the same quarter last year, the business posted $0.05 EPS. As a group, equities research analysts expect that Confluent will post -0.83 EPS for the current year.

Insiders Place Their Bets

In related news, Director Eric Vishria sold 30,953 shares of Confluent stock in a transaction on Monday, May 19th. The stock was sold at an average price of $21.93, for a total transaction of $678,799.29. Following the completion of the sale, the director owned 1,169,876 shares of the company's stock, valued at approximately $25,655,380.68. This trade represents a 2.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Rohan Sivaram sold 27,710 shares of Confluent stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $21.83, for a total value of $604,909.30. Following the completion of the transaction, the chief financial officer owned 673,693 shares in the company, valued at approximately $14,706,718.19. This represents a 3.95% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 546,669 shares of company stock valued at $12,637,193. 9.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Confluent

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Cloud Capital Management LLC acquired a new stake in shares of Confluent in the first quarter worth $26,000. Credit Industriel ET Commercial bought a new stake in shares of Confluent during the 4th quarter worth approximately $28,000. Farther Finance Advisors LLC increased its position in Confluent by 252.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,448 shares of the company's stock worth $36,000 after buying an additional 1,037 shares during the period. Versant Capital Management Inc boosted its stake in Confluent by 2,458.2% in the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock valued at $40,000 after buying an additional 1,647 shares in the last quarter. Finally, Banque Transatlantique SA acquired a new position in shares of Confluent in the first quarter worth approximately $43,000. Institutional investors and hedge funds 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.