Confluent, Inc. (NASDAQ:CFLT) Receives $28.78 Consensus PT from Brokerages

Shares of Confluent, Inc. (NASDAQ:CFLT) have received a consensus recommendation of “Hold” from the thirty-five research firms that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, twenty-eight have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $28.7813.

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company restated an “equal weight” rating and issued a $31.00 price target on shares of Confluent in a research note on Monday, December 8th. Piper Sandler downgraded Confluent from an “overweight” rating to a “hold” rating and set a $31.00 price target for the company. in a research note on Monday, December 8th. Oppenheimer lowered shares of Confluent from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. Raymond James Financial downgraded shares of Confluent from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 9th. Finally, Mizuho cut shares of Confluent from a “strong-buy” rating to a “hold” rating in a report on Monday, December 8th.

Insiders Place Their Bets

In other news, CAO Kong Phan sold 4,545 shares of the firm’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $29.96, for a total value of $136,168.20. Following the transaction, the chief accounting officer owned 220,505 shares of the company’s stock, valued at $6,606,329.80. This trade represents a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $30.10, for a total value of $6,998,250.00. Following the transaction, the chief executive officer owned 339,367 shares of the company’s stock, valued at approximately $10,214,946.70. This trade represents a 40.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,357,664 shares of company stock valued at $38,315,446. 13.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Confluent

A number of institutional investors and hedge funds have recently bought and sold shares of CFLT. Bank of Montreal Can raised its holdings in shares of Confluent by 28.5% during the 2nd quarter. Bank of Montreal Can now owns 261,007 shares of the company’s stock worth $6,507,000 after acquiring an additional 57,928 shares in the last quarter. Hsbc Holdings PLC increased its position in Confluent by 655.7% in the second quarter. Hsbc Holdings PLC now owns 243,596 shares of the company’s stock worth $6,013,000 after purchasing an additional 211,360 shares during the last quarter. Blair William & Co. IL increased its position in Confluent by 8.6% in the second quarter. Blair William & Co. IL now owns 160,575 shares of the company’s stock worth $4,003,000 after purchasing an additional 12,654 shares during the last quarter. Coronation Fund Managers Ltd. purchased a new stake in Confluent during the second quarter valued at $10,250,000. Finally, Persistent Asset Partners Ltd bought a new position in Confluent during the second quarter valued at $499,000. 78.09% of the stock is owned by institutional investors.

Confluent Stock Performance

Shares of CFLT stock opened at $30.54 on Friday. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 0.98. The company has a 50 day moving average price of $28.86 and a 200-day moving average price of $23.80. Confluent has a 52 week low of $15.64 and a 52 week high of $37.90. The firm has a market capitalization of $10.68 billion, a PE ratio of -33.93 and a beta of 0.95.

Confluent Company Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.