Confluent (NASDAQ:CFLT) Stock Rating Reaffirmed by DA Davidson

DA Davidson reaffirmed their buy rating on shares of Confluent (NASDAQ:CFLT) in a report issued on Wednesday morning, Benzinga reports. The firm currently has a $30.00 price objective on the stock.

Several other brokerages also recently commented on CFLT. JPMorgan Chase & Co. upgraded Confluent from a neutral rating to an overweight rating and set a $25.00 price objective on the stock in a research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft lowered their price target on Confluent from $35.00 to $30.00 and set a buy rating on the stock in a report on Thursday, August 1st. Loop Capital cut their price objective on shares of Confluent from $30.00 to $25.00 and set a hold rating for the company in a report on Friday, July 19th. Wells Fargo & Company lowered their target price on shares of Confluent from $38.00 to $34.00 and set an overweight rating on the stock in a report on Thursday, August 1st. Finally, Baird R W raised shares of Confluent to a hold rating in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Confluent presently has a consensus rating of Moderate Buy and a consensus price target of $30.31.

Confluent Stock Down 1.5 %

CFLT stock opened at $20.36 on Wednesday. The business’s 50-day moving average price is $21.71 and its 200-day moving average price is $26.61. The stock has a market cap of $6.47 billion, a P/E ratio of -16.29 and a beta of 0.88. Confluent has a twelve month low of $14.69 and a twelve month high of $35.07. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The firm had revenue of $234.99 million for the quarter, compared to analysts’ expectations of $229.49 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. On average, equities research analysts forecast that Confluent will post -0.95 EPS for the current year.

Insiders Place Their Bets

In other news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $20.01, for a total transaction of $187,593.75. Following the completion of the sale, the director now owns 7,160 shares in the company, valued at approximately $143,271.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Stephanie Buscemi sold 3,866 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 transaction of $83,814.88. Following the completion of the sale, 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. Insiders sold a total of 524,263 shares of company stock valued at $10,829,566 over the last 90 days. Insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several institutional investors and hedge funds have recently modified their holdings of CFLT. Dynamic Technology Lab Private Ltd increased its holdings in Confluent by 1.9% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock worth $448,000 after purchasing an additional 359 shares during the period. Treasurer of the State of North Carolina raised its holdings in shares of Confluent by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock valued at $1,921,000 after acquiring an additional 800 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in Confluent by 7.1% in the first quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock worth $369,000 after acquiring an additional 800 shares during the period. DekaBank Deutsche Girozentrale grew its holdings in Confluent by 8.7% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after acquiring an additional 857 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its position in Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after purchasing an additional 859 shares during the period. 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.