Confluent (NASDAQ:CFLT) Receives “Buy” Rating from Truist Financial

Truist Financial reiterated their buy rating on shares of Confluent (NASDAQ:CFLT) in a report issued on Wednesday, Benzinga reports. The firm currently has a $36.00 price objective on the stock, up from their previous price objective of $33.00.

A number of other equities analysts have also issued reports on the stock. Loop Capital assumed coverage on shares of Confluent in a research report on Tuesday, January 30th. They set a hold rating and a $23.00 price target for the company. Royal Bank of Canada boosted their target price on shares of Confluent from $35.00 to $37.00 and gave the company an outperform rating in a research report on Wednesday, February 14th. Barclays increased their price target on Confluent from $26.00 to $33.00 and gave the stock an overweight rating in a research report on Thursday, February 8th. Wells Fargo & Company boosted their price objective on Confluent from $30.00 to $36.00 and gave the company an overweight rating in a report on Thursday, February 8th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $38.00 target price on shares of Confluent in a report on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $32.77.

Confluent Price Performance

Shares of CFLT opened at $31.38 on Wednesday. The firm has a market capitalization of $9.81 billion, a PE ratio of -21.35 and a beta of 0.93. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62. The company’s fifty day moving average price is $30.20 and its 200-day moving average price is $26.28. Confluent has a 1-year low of $14.69 and a 1-year high of $41.22.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. The firm had revenue of $213.18 million during the quarter, compared to analyst estimates of $204.62 million. On average, equities research analysts predict that Confluent will post -0.92 EPS for the current year.

Insider Buying and Selling

In related news, CTO Chad Verbowski sold 5,963 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total transaction of $191,710.45. Following the completion of the sale, the chief technology officer now directly owns 404,412 shares in the company, valued at $13,001,845.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Confluent news, Director Michelangelo Volpi sold 637,268 shares of Confluent stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $31.73, for a total transaction of $20,220,513.64. Following the transaction, the director now directly owns 302,306 shares of the company’s stock, valued at $9,592,169.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chad Verbowski sold 5,963 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total transaction of $191,710.45. Following the completion of the sale, the chief technology officer now directly owns 404,412 shares of the company’s stock, valued at approximately $13,001,845.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,433,170 shares of company stock worth $46,438,029. 13.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Confluent by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 19,071,645 shares of the company’s stock worth $446,276,000 after acquiring an additional 647,251 shares during the last quarter. Coatue Management LLC purchased a new position in shares of Confluent during the 4th quarter worth $134,132,000. First Trust Advisors LP increased its position in shares of Confluent by 15.3% during the 4th quarter. First Trust Advisors LP now owns 5,551,696 shares of the company’s stock worth $129,910,000 after purchasing an additional 738,147 shares during the last quarter. Invesco Ltd. raised its holdings in Confluent by 14.0% in the 3rd quarter. Invesco Ltd. now owns 3,824,055 shares of the company’s stock valued at $113,230,000 after buying an additional 470,002 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Confluent by 5.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,931,677 shares of the company’s stock valued at $45,201,000 after buying an additional 104,801 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

About Confluent

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.