Confluent (NASDAQ:CFLT) Raised to “Moderate Buy” at Raymond James

Raymond James upgraded shares of Confluent (NASDAQ:CFLT) to a moderate buy rating in a report released on Thursday,Zacks.com reports.

Several other brokerages have also recently issued reports on CFLT. Stifel Nicolaus raised their target price on shares of Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Evercore ISI lifted their target price on shares of Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Morgan Stanley increased their price objective on Confluent from $30.00 to $32.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. Bank of America raised their target price on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 12th. Finally, UBS Group upgraded shares of Confluent from a “neutral” rating to a “buy” rating and boosted their target price for the company from $34.00 to $38.00 in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $34.96.

Confluent Trading Up 1.4 %

Shares of NASDAQ CFLT opened at $21.51 on Thursday. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The business has a fifty day simple moving average of $27.64 and a two-hundred day simple moving average of $27.28. The firm has a market cap of $7.18 billion, a PE ratio of -19.92 and a beta of 1.03. Confluent has a twelve month low of $17.79 and a twelve month high of $37.90.

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

Insider Transactions at Confluent

In other news, CFO Rohan Sivaram sold 68,350 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the sale, the chief financial officer now owns 520,273 shares of the company’s stock, valued at $18,849,490.79. The trade was a 11.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Kong Phan sold 3,175 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $26.86, for a total value of $85,280.50. Following the completion of the transaction, the chief accounting officer now directly owns 246,516 shares of the company’s stock, valued at $6,621,419.76. The trade was a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,200,746 shares of company stock valued at $38,505,150. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Institutional investors have recently bought and sold shares of the company. MRA Advisory Group acquired a new position in shares of Confluent during the 1st quarter worth $350,000. Rhumbline Advisers increased its holdings in Confluent by 2.3% during the 1st quarter. Rhumbline Advisers now owns 295,282 shares of the company’s stock valued at $6,921,000 after acquiring an additional 6,508 shares in the last quarter. GAMMA Investing LLC raised its position in Confluent by 2,872.0% during the first quarter. GAMMA Investing LLC now owns 73,320 shares of the company’s stock worth $1,719,000 after acquiring an additional 70,853 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of Confluent by 2,458.2% in the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company’s stock valued at $40,000 after purchasing an additional 1,647 shares in the last quarter. Finally, California State Teachers Retirement System grew its position in shares of Confluent by 0.6% in the fourth quarter. California State Teachers Retirement System now owns 223,043 shares of the company’s stock valued at $6,236,000 after purchasing an additional 1,334 shares during the last quarter. 78.09% of the stock is currently owned by hedge funds and other 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.