Confluent (NASDAQ:CFLT) Rating Increased to Buy at UBS Group

UBS Group upgraded shares of Confluent (NASDAQ:CFLT) from a neutral rating to a buy rating in a research note published on Wednesday, Marketbeat.com reports. The brokerage currently has $38.00 target price on the stock, up from their prior target price of $34.00.

Several other equities research analysts have also recently issued reports on CFLT. TD Cowen raised their price objective on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Stifel Nicolaus boosted their price objective on shares of Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Royal Bank of Canada upped their target price on Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Guggenheim boosted their target price on shares of Confluent from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Finally, Canaccord Genuity Group raised their price target on shares of Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $35.15.

Confluent Stock Up 1.1 %

Shares of NASDAQ CFLT opened at $30.79 on Wednesday. The firm’s 50-day moving average is $29.86 and its two-hundred day moving average is $26.21. The company has a market capitalization of $10.10 billion, a PE ratio of -28.51 and a beta of 0.92. Confluent has a 12-month low of $17.79 and a 12-month high of $37.90. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24.

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

Insider Buying and Selling at Confluent

In other news, CAO Kong Phan sold 3,947 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $28.74, for a total transaction of $113,436.78. Following the completion of the transaction, the chief accounting officer now owns 179,939 shares in the company, valued at approximately $5,171,446.86. This represents a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Rohan Sivaram sold 68,350 shares of Confluent stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the completion of the sale, the chief financial officer now owns 520,273 shares in the company, valued at approximately $18,849,490.79. This represents a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,394,730 shares of company stock worth $45,827,255 over the last ninety days. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Credit Industriel ET Commercial acquired a new position in Confluent during the 4th quarter worth $28,000. Blue Trust Inc. raised its stake in shares of Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after purchasing an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Confluent in the fourth quarter worth about $59,000. Point72 Hong Kong Ltd acquired a new stake in Confluent in the third quarter worth about $68,000. Finally, GAMMA Investing LLC grew its position in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after buying an additional 1,136 shares in 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.