Confluent (NASDAQ:CFLT) Upgraded to Strong-Buy at UBS Group

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Confluent (NASDAQ:CFLT - Get Free Report) was upgraded by equities research analysts at UBS Group from a "buy" rating to a "strong-buy" rating in a report issued on Thursday, MarketBeat.com reports. The brokerage presently has a $28.00 target price on the stock, down from their prior target price of $32.00. UBS Group's price target would indicate a potential upside of 62.79% from the company's current price.

Other research analysts have also issued reports about the stock. Guggenheim decreased their price target on shares of Confluent from $31.00 to $29.00 and set a "buy" rating for the company in a research note on Thursday. DA Davidson decreased their price target on shares of Confluent from $42.00 to $28.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Piper Sandler decreased their price target on shares of Confluent from $32.00 to $27.00 and set an "overweight" rating for the company in a research note on Thursday. Canaccord Genuity Group decreased their price target on shares of Confluent from $38.00 to $32.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, TD Cowen reiterated a "hold" rating and issued a $24.00 price target on shares of Confluent in a research note on Thursday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.54.

Confluent Stock Down 3.0%

Shares of NASDAQ CFLT opened at $17.20 on Thursday. The company has a current ratio of 3.98, a quick ratio of 4.42 and a debt-to-equity ratio of 1.03. Confluent has a 12 month low of $16.56 and a 12 month high of $37.90. The firm has a market capitalization of $5.85 billion, a PE ratio of -18.30 and a beta of 0.99. The firm has a fifty day simple moving average of $24.34 and a two-hundred day simple moving average of $25.37.

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

Insider Transactions at Confluent

In related news, Director Michelangelo Volpi sold 25,000 shares of the firm's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $25.00, for a total value of $625,000.00. Following the completion of the transaction, the director directly owned 267,079 shares of the company's stock, valued at approximately $6,676,975. This trade represents a 8.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Rohan Sivaram sold 27,710 shares of Confluent stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $21.83, for a total transaction of $604,909.30. Following the transaction, the chief financial officer directly owned 673,693 shares of the company's stock, valued at $14,706,718.19. The trade was a 3.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 486,669 shares of company stock valued at $11,439,593 in the last 90 days. Company insiders own 9.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Cloud Capital Management LLC purchased a new position in Confluent during the first quarter worth $26,000. Credit Industriel ET Commercial purchased a new position in Confluent during the fourth quarter worth $28,000. Farther Finance Advisors LLC boosted its stake in Confluent by 252.3% during the second 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% during the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock worth $40,000 after buying an additional 1,647 shares during the period. Finally, Banque Transatlantique SA bought a new stake in shares of Confluent during the first quarter worth $43,000. 78.09% of the stock is owned by hedge funds and other 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.