Confluent (NASDAQ:CFLT) Upgraded at UBS Group

UBS Group upgraded shares of Confluent (NASDAQ:CFLT) from a neutral rating to a buy rating in a research note issued to investors on Wednesday morning, Marketbeat reports. UBS Group currently has $38.00 price objective on the stock, up from their previous price objective of $34.00.

CFLT has been the subject of a number of other research reports. Bank of America lifted their target price on Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday, February 12th. Citigroup lifted their price objective on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Truist Financial lifted their price objective on Confluent from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Royal Bank of Canada lifted their price objective on Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Stifel Nicolaus lifted their price objective on Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.15.

Confluent Stock Up 0.2 %

Confluent stock opened at $31.74 on Wednesday. The firm has a market cap of $10.41 billion, a price-to-earnings ratio of -29.39 and a beta of 0.92. The stock has a fifty day simple moving average of $29.96 and a two-hundred day simple moving average of $26.32. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14.

Confluent (NASDAQ:CFLT) last posted its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Equities analysts predict that Confluent will post -0.83 EPS for the current fiscal year.

Insider Activity

In related news, CAO Kong Phan sold 12,460 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $31.30, for a total value of $389,998.00. Following the sale, the chief accounting officer now directly owns 183,886 shares in the company, valued at approximately $5,755,631.80. The trade was a 6.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $31.21, for a total value of $1,988,982.09. Following the completion of the sale, the insider now owns 678,016 shares in the company, valued at $21,160,879.36. This represents a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,429,865 shares of company stock worth $46,902,419 over the last ninety days. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several large investors have recently added to or reduced their stakes in CFLT. US Bancorp DE increased its stake in Confluent by 307.7% during the third quarter. US Bancorp DE now owns 16,702 shares of the company’s stock worth $340,000 after acquiring an additional 12,605 shares during the last quarter. Janney Capital Management LLC increased its stake in Confluent by 52.2% during the third quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock worth $406,000 after acquiring an additional 6,842 shares during the last quarter. Fiera Capital Corp bought a new stake in Confluent during the third quarter worth approximately $21,127,000. SpiderRock Advisors LLC increased its stake in Confluent by 323.7% during the third quarter. SpiderRock Advisors LLC now owns 264,038 shares of the company’s stock worth $5,381,000 after acquiring an additional 201,721 shares during the last quarter. Finally, Assetmark Inc. increased its stake in Confluent by 75,257.1% during the third quarter. Assetmark Inc. now owns 36,925 shares of the company’s stock worth $753,000 after acquiring an additional 36,876 shares during the last quarter. 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.