Confluent (NASDAQ:CFLT) Earns Market Outperform Rating from JMP Securities

JMP Securities restated their market outperform rating on shares of Confluent (NASDAQ:CFLT) in a report published on Tuesday, Benzinga reports. They currently have a $40.00 price target on the stock.

Several other research firms have also issued reports on CFLT. Baird R W upgraded shares of Confluent to a hold rating in a report on Wednesday, September 4th. Mizuho dropped their target price on shares of Confluent from $36.00 to $34.00 and set an outperform rating on the stock in a report on Tuesday, July 16th. Evercore ISI dropped their target price on shares of Confluent from $33.00 to $28.00 and set an outperform rating on the stock in a report on Friday, September 20th. Royal Bank of Canada dropped their target price on shares of Confluent from $35.00 to $30.00 and set an outperform rating on the stock in a report on Thursday, August 1st. Finally, DA Davidson reaffirmed a buy rating and issued a $30.00 price target on shares of Confluent in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Confluent currently has an average rating of Moderate Buy and an average target price of $29.97.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $19.70 on Tuesday. The firm has a market cap of $6.26 billion, a PE ratio of -15.76 and a beta of 0.88. The firm’s fifty day moving average is $21.13 and its 200-day moving average is $26.16. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. Confluent has a 52 week low of $14.69 and a 52 week high of $35.07.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The firm had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. Sell-side analysts predict that Confluent will post -0.95 earnings per share for the current year.

Insiders Place Their Bets

In other Confluent news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the sale, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Confluent news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the sale, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $9,045,235.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 524,453 shares of company stock valued at $10,833,388. Corporate insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CFLT. Hollencrest Capital Management purchased a new position in Confluent in the first quarter valued at about $26,000. Quest Partners LLC purchased a new stake in shares of Confluent during the 4th quarter valued at approximately $31,000. V Square Quantitative Management LLC purchased a new stake in shares of Confluent during the 2nd quarter valued at approximately $68,000. UniSuper Management Pty Ltd lifted its stake in shares of Confluent by 125.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after buying an additional 1,500 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in shares of Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after buying an additional 859 shares in the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

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.