William Blair Reaffirms Outperform Rating for Confluent (NASDAQ:CFLT)

Confluent (NASDAQ:CFLT)‘s stock had its “outperform” rating reissued by stock analysts at William Blair in a research note issued to investors on Monday,RTT News reports.

A number of other research firms have also issued reports on CFLT. JPMorgan Chase & Co. raised their target price on Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Loop Capital lowered their target price on Confluent from $34.00 to $30.00 and set a “hold” rating on the stock in a report on Monday, March 10th. Canaccord Genuity Group lifted their price objective on Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Scotiabank lifted their price objective on Confluent from $27.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Finally, Piper Sandler lifted their price objective on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $35.33.

Confluent Stock Performance

Shares of NASDAQ CFLT opened at $26.36 on Monday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The firm has a market cap of $8.80 billion, a price-to-earnings ratio of -24.41 and a beta of 0.90. The business’s 50-day simple moving average is $29.56 and its 200-day simple moving average is $26.90. Confluent has a 52 week low of $17.79 and a 52 week high of $37.90.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. As a group, equities research analysts expect that Confluent will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Confluent news, CAO Kong Phan sold 2,178 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $31.58, for a total value of $68,781.24. Following the completion of the transaction, the chief accounting officer now directly owns 177,415 shares of the company’s stock, valued at approximately $5,602,765.70. The trade was a 1.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $29.36, for a total value of $6,826,200.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $13,285,047.68. The trade was a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,201,518 shares of company stock valued at $38,533,306 over the last three months. Company insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

A number of institutional investors have recently modified their holdings of CFLT. Champlain Investment Partners LLC lifted its holdings in shares of Confluent by 72.2% in the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after purchasing an additional 4,486,841 shares in the last quarter. Norges Bank bought a new stake in shares of Confluent in the fourth quarter valued at about $81,092,000. Pictet Asset Management Holding SA lifted its holdings in shares of Confluent by 7,342.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock valued at $65,748,000 after purchasing an additional 2,319,919 shares in the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in shares of Confluent in the fourth quarter valued at about $64,658,000. Finally, MIG Capital LLC bought a new stake in shares of Confluent in the fourth quarter valued at about $27,007,000. 78.09% of the stock is currently 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.