Confluent (NASDAQ:CFLT) Earns Outperform Rating from Analysts at Evercore ISI

Evercore ISI initiated coverage on shares of Confluent (NASDAQ:CFLTFree Report) in a research note published on Tuesday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $35.00 price objective on the stock.

Other analysts have also recently issued reports about the stock. Barclays lifted their price objective on shares of Confluent from $33.00 to $34.00 and gave the company an overweight rating in a research note on Wednesday, May 8th. TD Cowen upped their price target on shares of Confluent from $34.00 to $37.00 and gave the company a buy rating in a report on Wednesday, May 8th. Mizuho reduced their price objective on Confluent from $38.00 to $36.00 and set a buy rating for the company in a research note on Monday, April 15th. Oppenheimer initiated coverage on Confluent in a report on Friday, May 17th. They issued an outperform rating and a $37.00 price objective for the company. Finally, Canaccord Genuity Group upgraded Confluent from a hold rating to a buy rating and set a $35.00 price target for the company in a research report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $33.11.

View Our Latest Report on Confluent

Confluent Stock Performance

Shares of CFLT stock opened at $27.85 on Tuesday. The business has a fifty day moving average of $28.88 and a 200 day moving average of $27.61. Confluent has a 1 year low of $14.69 and a 1 year high of $41.22. The company has a debt-to-equity ratio of 1.29, a current ratio of 5.07 and a quick ratio of 5.07. The firm has a market capitalization of $8.85 billion, a price-to-earnings ratio of -22.28 and a beta of 0.88.

Confluent (NASDAQ:CFLTGet Free Report) last announced 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). Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. The firm had revenue of $217.24 million during the quarter, compared to analyst estimates of $211.57 million. As a group, research analysts expect that Confluent will post -0.94 earnings per share for the current year.

Insider Transactions at Confluent

In other news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $26.01, for a total value of $1,657,591.29. Following the transaction, the insider now directly owns 697,039 shares of the company’s stock, valued at $18,129,984.39. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $26.01, for a total value of $1,657,591.29. Following the completion of the sale, the insider now owns 697,039 shares of the company’s stock, valued at $18,129,984.39. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Ying Christina Liu sold 68,000 shares of Confluent stock in a transaction that occurred on 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 transaction, the chief accounting officer now owns 168,338 shares in the company, valued at approximately $5,228,578.28. The disclosure for this sale can be found here. Insiders sold 632,636 shares of company stock valued at $18,176,366 over the last 90 days. 13.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Confluent

Hedge funds have recently modified their holdings of the company. 1832 Asset Management L.P. acquired a new position in Confluent in the 1st quarter valued at about $181,075,000. Coatue Management LLC acquired a new position in Confluent in the fourth quarter valued at approximately $134,132,000. Champlain Investment Partners LLC acquired a new position in Confluent in the first quarter valued at approximately $144,563,000. Price T Rowe Associates Inc. MD grew its position 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 acquiring an additional 2,587,169 shares during the period. Finally, Vanguard Group Inc. increased its stake in Confluent by 13.0% during the third quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock worth $545,546,000 after acquiring an additional 2,125,843 shares during the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Company Profile

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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.

Further Reading

Analyst Recommendations for Confluent (NASDAQ:CFLT)

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