Confluent (NASDAQ:CFLT) Stock Price Up 8% – Should You Buy?

Confluent, Inc. (NASDAQ:CFLT) shares were up 8% during trading on Tuesday . The company traded as high as $30.64 and last traded at $31.25. Approximately 922,093 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 3,196,098 shares. The stock had previously closed at $28.93.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CFLT. Sanford C. Bernstein cut their price objective on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Piper Sandler lifted their price target on Confluent from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Citigroup upped their price objective on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. Scotiabank lifted their target price on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a report on Thursday, October 31st. Finally, Truist Financial upped their price target on shares of Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $32.37.

Confluent Price Performance

The stock has a market cap of $10.22 billion, a P/E ratio of -28.14 and a beta of 0.91. The company’s 50 day moving average price is $29.64 and its 200-day moving average price is $24.93. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The business had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. As a group, sell-side analysts expect that Confluent, Inc. will post -0.9 earnings per share for the current year.

Insider Activity at Confluent

In other news, Director Michelangelo Volpi sold 50,000 shares of Confluent stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $25.92, for a total value of $1,296,000.00. Following the completion of the transaction, the director now directly owns 280,200 shares of the company’s stock, valued at approximately $7,262,784. This trade represents a 15.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Stephanie Buscemi sold 164,123 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $26.24, for a total value of $4,306,587.52. Following the completion of the transaction, the chief marketing officer now directly owns 149,644 shares in the company, valued at $3,926,658.56. This represents a 52.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,584,712 shares of company stock worth $132,928,936 over the last ninety days. Insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several large investors have recently modified their holdings of CFLT. Blue Trust Inc. boosted its holdings in 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 in the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Confluent in the third quarter valued at $68,000. GAMMA Investing LLC increased its position in shares of Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after acquiring an additional 1,136 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Confluent by 36.4% in the 4th quarter. Pacer Advisors Inc. now owns 6,068 shares of the company’s stock worth $170,000 after acquiring an additional 1,619 shares during the last quarter. Finally, DMC Group LLC bought a new position in Confluent in the 4th quarter valued at about $201,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

Confluent Company Profile

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.