Confluent, Inc. (NASDAQ:CFLT) Receives Average Recommendation of “Hold” from Brokerages
by Michael Walen · The Markets DailyShares of Confluent, Inc. (NASDAQ:CFLT – Get Free Report) have been assigned a consensus rating of “Hold” from the thirty-three ratings firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, twenty-eight have issued a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $28.7097.
A number of research firms have commented on CFLT. Mizuho cut shares of Confluent from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 8th. Wells Fargo & Company restated an “equal weight” rating and set a $31.00 price objective on shares of Confluent in a research report on Monday, December 8th. Citizens Jmp downgraded shares of Confluent from an “outperform” rating to a “market perform” rating in a report on Friday, January 9th. Wolfe Research lowered shares of Confluent from an “outperform” rating to a “hold” rating in a research report on Monday, December 8th. Finally, Royal Bank Of Canada cut Confluent from an “outperform” rating to a “sector perform” rating and increased their target price for the company from $30.00 to $31.00 in a research note on Tuesday, December 9th.
View Our Latest Stock Analysis on Confluent
Confluent Stock Performance
Shares of CFLT opened at $30.99 on Friday. Confluent has a 12-month low of $15.64 and a 12-month high of $31.00. The company has a current ratio of 3.83, a quick ratio of 3.83 and a debt-to-equity ratio of 0.94. The company has a market cap of $11.08 billion, a PE ratio of -36.03 and a beta of 0.95. The stock has a 50-day moving average price of $30.67 and a 200-day moving average price of $26.57.
Confluent (NASDAQ:CFLT – Get Free Report) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.02. The company had revenue of $314.82 million for the quarter, compared to analysts’ expectations of $308.03 million. Confluent had a negative net margin of 25.31% and a negative return on equity of 22.66%. Confluent’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.09 earnings per share. As a group, equities analysts forecast that Confluent will post -0.83 earnings per share for the current fiscal year.
Insider Transactions at Confluent
In related news, Director Eric Vishria sold 61,905 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $30.57, for a total value of $1,892,435.85. Following the completion of the sale, the director owned 663,637 shares in the company, valued at $20,287,383.09. The trade was a 8.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Rohan Sivaram sold 29,996 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $30.67, for a total value of $919,977.32. Following the completion of the sale, the chief financial officer directly owned 531,971 shares of the company’s stock, valued at approximately $16,315,550.57. This represents a 5.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 525,929 shares of company stock worth $16,124,278. Company insiders own 9.20% of the company’s stock.
Institutional Investors Weigh In On Confluent
A number of hedge funds have recently made changes to their positions in the business. HBK Investments L P purchased a new stake in Confluent during the 4th quarter valued at $453,600,000. Norges Bank bought a new stake in Confluent in the 4th quarter worth $265,669,000. Jericho Capital Asset Management L.P. purchased a new position in shares of Confluent in the third quarter valued at about $163,667,000. AQR Capital Management LLC increased its position in shares of Confluent by 3,646.4% in the third quarter. AQR Capital Management LLC now owns 4,904,459 shares of the company’s stock valued at $97,108,000 after acquiring an additional 4,773,548 shares during the period. Finally, KRYGER CAPITAL Ltd bought a new position in shares of Confluent during the fourth quarter valued at about $113,400,000. 78.09% of the stock is currently owned by institutional investors.
About Confluent
Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.
Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.