Confluent’s (CFLT) Buy Rating Reiterated at Truist Financial

Truist Financial restated their buy rating on shares of Confluent (NASDAQ:CFLT) in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a $30.00 price target on the stock, down from their prior price target of $36.00.

Several other equities research analysts have also issued reports on CFLT. Wells Fargo & Company boosted their price target on shares of Confluent from $36.00 to $38.00 and gave the company an overweight rating in a report on Wednesday, May 8th. Canaccord Genuity Group raised shares of Confluent from a hold rating to a buy rating and boosted their price target for the company from $28.00 to $35.00 in a report on Wednesday, May 8th. Canaccord Genuity Group raised shares of Confluent from a hold rating to a buy rating and set a $35.00 price target on the stock in a report on Wednesday, May 8th. Barclays boosted their price target on shares of Confluent from $33.00 to $34.00 and gave the company an overweight rating in a report on Wednesday, May 8th. Finally, Royal Bank of Canada reissued an outperform rating and issued a $40.00 price target on shares of Confluent in a report on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to MarketBeat, Confluent has a consensus rating of Moderate Buy and a consensus target price of $31.04.

Confluent Stock Performance

CFLT stock opened at $17.33 on Thursday. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $5.51 billion, a price-to-earnings ratio of -15.42 and a beta of 0.91. Confluent has a 12 month low of $14.69 and a 12 month high of $35.47. The firm has a 50 day moving average of $26.64 and a two-hundred day moving average of $28.54.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The firm had revenue of $217.24 million during the quarter, compared to analyst estimates of $211.57 million. Confluent had a negative return on equity of 38.46% and a negative net margin of 42.70%. As a group, equities analysts anticipate that Confluent will post -0.94 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Chad Verbowski sold 13,413 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $31.96, for a total transaction of $428,679.48. Following the transaction, the chief technology officer now directly owns 518,659 shares of the company’s stock, valued at $16,576,341.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Confluent news, CTO Chad Verbowski sold 13,413 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $31.96, for a total value of $428,679.48. Following the completion of the sale, the chief technology officer now owns 518,659 shares in the company, valued at $16,576,341.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Ying Christina Liu sold 68,000 shares of the stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.06, for a total value of $2,112,080.00. Following the sale, the chief accounting officer now owns 168,338 shares of the company’s stock, valued at approximately $5,228,578.28. The disclosure for this sale can be found here. Insiders have sold a total of 632,725 shares of company stock valued at $18,138,428 over the last ninety days. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several institutional investors have recently modified their holdings of CFLT. Hollencrest Capital Management bought a new stake in shares of Confluent in the 1st quarter valued at approximately $26,000. Rakuten Securities Inc. bought a new stake in shares of Confluent during the 4th quarter worth approximately $31,000. Quest Partners LLC bought a new stake in shares of Confluent during the 4th quarter worth approximately $31,000. GAMMA Investing LLC bought a new stake in shares of Confluent during the 4th quarter worth approximately $35,000. Finally, V Square Quantitative Management LLC bought a new stake in shares of Confluent during the 2nd quarter worth approximately $68,000. 78.09% of the stock is owned by 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.