Confluent (NASDAQ:CFLT) Stock Price Up 6.2% – Time to Buy?

Confluent, Inc. (NASDAQ:CFLT)’s stock price traded up 6.2% during trading on Wednesday . The company traded as high as $33.58 and last traded at $33.50. 1,887,566 shares traded hands during trading, a decline of 57% from the average session volume of 4,352,605 shares. The stock had previously closed at $31.53.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Needham & Company LLC restated a “buy” rating and set a $31.00 target price on shares of Confluent in a research report on Friday, November 15th. Barclays raised their target price on Confluent from $29.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. JMP Securities restated a “market outperform” rating and set a $40.00 target price on shares of Confluent in a research report on Tuesday, October 29th. Robert W. Baird lifted their price objective on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, TD Cowen raised their target price on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $30.88.

Confluent Trading Up 4.9 %

The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The company’s fifty day moving average is $24.86 and its 200-day moving average is $24.58. The firm has a market capitalization of $10.85 billion, a P/E ratio of -29.80 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The firm had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. As a group, sell-side analysts anticipate that Confluent, Inc. will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In other news, CTO Chad Verbowski sold 13,414 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $378,677.22. Following the completion of the transaction, the chief technology officer now directly owns 483,393 shares of the company’s stock, valued at approximately $13,646,184.39. This trade represents a 2.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the sale, the insider now owns 687,483 shares of the company’s stock, valued at $18,837,034.20. This trade represents a 8.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,005,379 shares of company stock valued at $114,176,175 in the last ninety days. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC acquired a new stake in Confluent in the 2nd quarter valued at about $68,000. Point72 Hong Kong Ltd acquired a new stake in Confluent in the 3rd quarter valued at about $68,000. Acadian Asset Management LLC bought a new position in shares of Confluent in the 2nd quarter valued at about $175,000. Plato Investment Management Ltd boosted its stake in shares of Confluent by 2,184.1% in the 2nd quarter. Plato Investment Management Ltd now owns 6,601 shares of the company’s stock valued at $195,000 after purchasing an additional 6,312 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Confluent in the 3rd quarter valued at about $214,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.