Confluent (NASDAQ:CFLT) Stock Rating Reaffirmed by JMP Securities

Confluent (NASDAQ:CFLT)‘s stock had its “market outperform” rating reaffirmed by equities research analysts at JMP Securities in a report issued on Tuesday, Benzinga reports. They currently have a $40.00 target price on the stock. JMP Securities’ price objective would suggest a potential upside of 102.33% from the company’s previous close.

CFLT has been the subject of a number of other research reports. Bank of America lowered their target price on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a research note on Thursday, August 1st. Scotiabank dropped their price objective on Confluent from $28.00 to $25.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 1st. Wolfe Research upgraded Confluent to a “strong-buy” rating in a research report on Wednesday, September 18th. Wells Fargo & Company lowered their target price on Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Finally, Evercore ISI cut their price target on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $29.97.

Confluent Stock Down 0.2 %

Shares of CFLT opened at $19.77 on Tuesday. The stock’s 50-day moving average price is $21.32 and its two-hundred day moving average price is $26.29. Confluent has a 12 month low of $14.69 and a 12 month high of $35.07. The company has a market capitalization of $6.28 billion, a PE ratio of -15.82 and a beta of 0.88. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. The company had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. On average, analysts anticipate that Confluent will post -0.95 EPS for the current year.

Insider Buying and Selling

In other Confluent news, CTO Chad Verbowski sold 13,540 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $293,547.20. Following the completion of the transaction, the chief technology officer now owns 496,807 shares in the company, valued at approximately $10,770,775.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Confluent news, CTO Chad Verbowski sold 13,540 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $293,547.20. Following the transaction, the chief technology officer now directly owns 496,807 shares in the company, valued at $10,770,775.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 524,453 shares of company stock worth $10,833,388. 13.82% of the stock is owned by company insiders.

Institutional Trading of Confluent

Several hedge funds have recently made changes to their positions in CFLT. William Blair Investment Management LLC purchased a new stake in Confluent in the 2nd quarter worth about $193,403,000. 1832 Asset Management L.P. purchased a new position in shares of Confluent in the first quarter worth about $181,075,000. Coatue Management LLC bought a new stake in shares of Confluent in the fourth quarter valued at approximately $134,132,000. Champlain Investment Partners LLC purchased a new stake in shares of Confluent during the 1st quarter valued at approximately $144,563,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Confluent by 17.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after buying an additional 2,587,169 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

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.