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

Confluent (NASDAQ:CFLT)‘s stock had its “market outperform” rating reaffirmed by equities researchers at JMP Securities in a report released on Tuesday, Benzinga reports. They presently have a $40.00 target price on the stock. JMP Securities’ price objective indicates a potential upside of 102.33% from the company’s current price.

Several other research analysts have also recently weighed in on CFLT. Needham & Company LLC restated a “buy” rating and issued a $28.00 price objective on shares of Confluent in a research report on Monday. Wells Fargo & Company decreased their price target on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Piper Sandler dropped their price objective on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Bank of America reduced their target price on Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a research note on Thursday, August 1st. Finally, Canaccord Genuity Group dropped their price target on Confluent from $35.00 to $34.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Confluent currently has an average rating of “Moderate Buy” and an average target price of $29.97.

Confluent Stock Down 0.2 %

CFLT opened at $19.77 on Tuesday. The firm has a market capitalization of $6.28 billion, a P/E ratio of -15.82 and a beta of 0.88. Confluent has a one year low of $14.69 and a one year high of $35.07. The company has a fifty day moving average price of $21.32 and a 200-day moving average price of $26.29. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The business had revenue of $234.99 million for the quarter, compared to analysts’ expectations of $229.49 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. Equities research analysts expect that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,045,235.12. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,045,235.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now directly owns 161,673 shares in the company, valued at $3,505,070.64. The disclosure for this sale can be found here. Insiders sold 524,453 shares of company stock valued at $10,833,388 in the last 90 days. Insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Confluent by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock worth $602,505,000 after acquiring an additional 669,675 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Confluent by 17.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock worth $536,601,000 after purchasing an additional 2,587,169 shares during the period. 1832 Asset Management L.P. raised its holdings in Confluent by 28.4% in the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after purchasing an additional 1,684,100 shares in the last quarter. William Blair Investment Management LLC purchased a new position in Confluent during the second quarter valued at $193,403,000. Finally, Coatue Management LLC purchased a new position in Confluent during the fourth quarter valued at $134,132,000. 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.