Confluent (NASDAQ:CFLT) Earns Outperform Rating from Analysts at Raymond James

Raymond James began coverage on shares of Confluent (NASDAQ:CFLT) in a report released on Friday, MarketBeat.com reports. The firm issued an outperform rating and a $30.00 target price on the stock.

A number of other brokerages have also weighed in on CFLT. Mizuho upped their target price on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Stifel Nicolaus increased their price objective on shares of Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Morgan Stanley lifted their target price on Confluent from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. Canaccord Genuity Group increased their price target on Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Finally, Bank of America lifted their price objective on Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Confluent currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.96.

Confluent Stock Up 1.4 %

CFLT opened at $21.51 on Friday. The stock has a market cap of $7.18 billion, a price-to-earnings ratio of -19.92 and a beta of 1.03. 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’s fifty day moving average is $27.64 and its 200 day moving average is $27.34. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $37.90.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data 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%. On average, sell-side analysts forecast that Confluent will post -0.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Michelangelo Volpi sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $36.22, for a total value of $905,500.00. Following the completion of the transaction, the director now owns 292,079 shares of the company’s stock, valued at $10,579,101.38. The trade was a 7.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Kong Phan sold 2,178 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $31.58, for a total value of $68,781.24. Following the sale, the chief accounting officer now directly owns 177,415 shares in the company, valued at $5,602,765.70. This trade represents a 1.21 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,200,746 shares of company stock worth $38,505,150. 13.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CFLT. Credit Industriel ET Commercial acquired a new position in shares of Confluent during the fourth quarter worth $28,000. Versant Capital Management Inc increased its holdings in Confluent by 2,458.2% in the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company’s stock worth $40,000 after buying an additional 1,647 shares during the period. Blue Trust Inc. increased its stake in shares of Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after acquiring an additional 1,607 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Confluent during the 4th quarter worth about $59,000. Finally, GAMMA Investing LLC raised its stake in shares of Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after buying an additional 1,136 shares during the last quarter. 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.