Confluent (NASDAQ:CFLT) Rating Increased to Hold at Baird R W

Baird R W upgraded shares of Confluent (NASDAQ:CFLT) to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

Several other equities analysts have also weighed in on CFLT. Deutsche Bank Aktiengesellschaft reduced their price target on Confluent from $35.00 to $30.00 and set a buy rating for the company in a research report on Thursday, August 1st. Stifel Nicolaus cut their price objective on Confluent from $40.00 to $32.00 and set a buy rating on the stock in a research note on Thursday, August 1st. Evercore ISI assumed coverage on Confluent in a research report on Tuesday, June 11th. They set an outperform rating and a $35.00 target price for the company. TD Cowen lowered their price target on Confluent from $34.00 to $31.00 and set a buy rating on the stock in a report on Thursday, August 1st. Finally, Bank of America reduced their price objective on shares of Confluent from $32.00 to $26.00 and set an underperform rating for the company in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $30.69.

Confluent Trading Down 3.3 %

Confluent stock opened at $19.60 on Wednesday. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. Confluent has a 12 month low of $14.69 and a 12 month high of $35.07. The company’s fifty day simple moving average is $23.25 and its 200-day simple moving average is $27.50. The stock has a market cap of $6.23 billion, a P/E ratio of -15.68 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last announced its quarterly 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 for 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%. As a group, sell-side analysts forecast that Confluent will post -0.95 EPS for the current fiscal year.

Insider Activity at Confluent

In related news, CTO Chad Verbowski sold 8,312 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $26.76, for a total value of $222,429.12. Following the transaction, the chief technology officer now owns 510,347 shares in the company, valued at $13,656,885.72. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,561,071.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Chad Verbowski sold 8,312 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $26.76, for a total value of $222,429.12. Following the completion of the transaction, the chief technology officer now directly owns 510,347 shares in the company, valued at approximately $13,656,885.72. The disclosure for this sale can be found here. Insiders sold a total of 533,433 shares of company stock valued at $11,074,955 over the last quarter. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several hedge funds have recently bought and sold shares of CFLT. Hollencrest Capital Management acquired a new stake in Confluent during the 1st quarter worth approximately $26,000. Quest Partners LLC acquired a new stake in shares of Confluent during the fourth quarter worth $31,000. V Square Quantitative Management LLC bought a new stake in Confluent in the 2nd quarter valued at $68,000. UniSuper Management Pty Ltd boosted its stake in Confluent by 125.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after purchasing an additional 1,500 shares during the period. Finally, Advisors Asset Management Inc. increased its holdings in Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after purchasing an additional 859 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.