Confluent’s (CFLT) Buy Rating Reiterated at Truist Financial

Confluent (NASDAQ:CFLT)‘s stock had its “buy” rating reissued by Truist Financial in a report released on Thursday, Benzinga reports. They presently have a $30.00 target price on the stock, down from their previous target price of $36.00. Truist Financial’s target price suggests a potential upside of 36.36% from the company’s previous close.

Several other equities research analysts have also commented on CFLT. The Goldman Sachs Group upped their target price on Confluent from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Guggenheim restated a “buy” rating and set a $37.00 target price on shares of Confluent in a research report on Tuesday, June 25th. Royal Bank of Canada reiterated an “outperform” rating and issued a $40.00 price target on shares of Confluent in a report on Tuesday, June 4th. Canaccord Genuity Group upgraded Confluent from a “hold” rating to a “buy” rating and increased their price target for the stock from $28.00 to $35.00 in a report on Wednesday, May 8th. Finally, Evercore ISI started coverage on Confluent in a report on Tuesday, June 11th. They issued an “outperform” rating and a $35.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $32.41.

Confluent Trading Down 12.1 %

Shares of CFLT stock opened at $22.00 on Thursday. The stock has a market cap of $6.99 billion, a price-to-earnings ratio of -17.60 and a beta of 0.91. The stock has a 50-day moving average of $27.06 and a 200-day moving average of $28.53. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29. Confluent has a 1-year low of $14.69 and a 1-year high of $38.19.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. The business had revenue of $217.24 million for the quarter, compared to the consensus estimate of $211.57 million. On average, equities research analysts forecast that Confluent will post -0.94 earnings per share for the current year.

Insider Activity at Confluent

In related news, CTO Chad Verbowski sold 13,413 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 $428,679.48. Following the completion of the sale, the chief technology officer now directly owns 518,659 shares of the company’s stock, valued at $16,576,341.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Confluent news, CTO Chad Verbowski sold 13,413 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $31.96, for a total value of $428,679.48. Following the completion of the sale, the chief technology officer now directly owns 518,659 shares of the company’s stock, valued at $16,576,341.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $26.01, for a total value of $1,657,591.29. Following the completion of the sale, the insider now directly owns 697,039 shares of the company’s stock, valued at $18,129,984.39. The disclosure for this sale can be found here. Over the last three months, insiders sold 632,725 shares of company stock valued at $18,138,428. 13.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Confluent

Large investors have recently made changes to their positions in the stock. Hollencrest Capital Management bought a new position in shares of Confluent in the first quarter worth $26,000. Rakuten Securities Inc. bought a new position in shares of Confluent in the fourth quarter worth $31,000. Quest Partners LLC bought a new position in shares of Confluent in the fourth quarter worth $31,000. GAMMA Investing LLC bought a new position in shares of Confluent in the fourth quarter worth $35,000. Finally, V Square Quantitative Management LLC bought a new position in shares of Confluent in the second quarter worth $68,000. 78.09% of the stock is owned by 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.