Confluent (NASDAQ:CFLT) Trading Up 6.1%

Confluent, Inc. (NASDAQ:CFLT) was up 6.1% during trading on Thursday . The company traded as high as $29.24 and last traded at $29.23. Approximately 1,022,336 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 4,454,501 shares. The stock had previously closed at $27.55.

Wall Street Analyst Weigh In

A number of analysts recently commented on CFLT shares. Mizuho dropped their target price on shares of Confluent from $38.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, April 15th. Royal Bank of Canada restated an “outperform” rating and issued a $40.00 price target on shares of Confluent in a research report on Tuesday, June 4th. JMP Securities upped their price target on shares of Confluent from $38.00 to $40.00 and gave the company a “market outperform” rating in a research report on Wednesday, May 8th. Guggenheim restated a “buy” rating and issued a $37.00 price target on shares of Confluent in a research report on Tuesday. Finally, Barclays upped their price objective on shares of Confluent from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.93.

Confluent Stock Performance

The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. The stock’s 50 day simple moving average is $28.68 and its two-hundred day simple moving average is $28.05.

Confluent (NASDAQ:CFLT) last issued its earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. The firm had revenue of $217.24 million for the quarter, compared to analyst estimates of $211.57 million. Analysts anticipate that Confluent, Inc. will post -0.94 earnings per share for the current year.

Insider Transactions at Confluent

In other news, CAO Ying Christina Liu sold 7,261 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $31.96, for a total value of $232,061.56. Following the completion of the transaction, the chief accounting officer now owns 161,077 shares of the company’s stock, valued at $5,148,020.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Confluent news, CAO Ying Christina Liu sold 7,261 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $31.96, for a total transaction of $232,061.56. Following the transaction, the chief accounting officer now directly owns 161,077 shares in the company, valued at approximately $5,148,020.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chad Verbowski sold 8,312 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $26.76, for a total value of $222,429.12. Following the completion of the transaction, the chief technology officer now owns 510,347 shares in the company, valued at $13,656,885.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 632,725 shares of company stock valued at $18,138,428. 13.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Confluent

Several large investors have recently added to or reduced their stakes in CFLT. Vanguard Group Inc. lifted its position in Confluent by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock worth $602,505,000 after buying an additional 669,675 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Confluent by 17.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after purchasing an additional 2,587,169 shares in the last quarter. 1832 Asset Management L.P. bought a new position in shares of Confluent during the first quarter valued at $181,075,000. Coatue Management LLC bought a new position in shares of Confluent in the 4th quarter worth approximately $134,132,000. Finally, First Trust Advisors LP lifted its stake in shares of Confluent by 15.3% in the 4th quarter. First Trust Advisors LP now owns 5,551,696 shares of the company’s stock worth $129,910,000 after purchasing an additional 738,147 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.