Confluent (NASDAQ:CFLT) Upgraded by Raymond James to Moderate Buy Rating

Confluent (NASDAQ:CFLT) was upgraded by equities research analysts at Raymond James to a “moderate buy” rating in a report released on Thursday,Zacks.com reports.

Several other research firms have also commented on CFLT. Evercore ISI boosted their price objective on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. William Blair reiterated an “outperform” rating on shares of Confluent in a research note on Monday, March 17th. UBS Group raised Confluent from a “neutral” rating to a “buy” rating and increased their target price for the stock from $34.00 to $38.00 in a research note on Wednesday, February 26th. Mizuho raised their price target on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Piper Sandler upped their price objective on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $34.96.

Confluent Price Performance

CFLT stock opened at $21.51 on Thursday. 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 has a 1 year low of $17.79 and a 1 year high of $37.90. The firm has a 50-day moving average of $27.64 and a 200 day moving average of $27.28. The company has a market cap of $7.18 billion, a P/E ratio of -19.92 and a beta of 1.03.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data 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 return on equity of 34.70% and a negative net margin of 35.81%. On average, sell-side analysts forecast that Confluent will post -0.83 EPS for the current year.

Insider Activity at Confluent

In other Confluent news, CFO Rohan Sivaram sold 68,350 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the completion of the transaction, the chief financial officer now owns 520,273 shares in the company, valued at $18,849,490.79. This trade represents a 11.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Kong Phan sold 6,346 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.22, for a total value of $229,852.12. Following the sale, the chief accounting officer now directly owns 179,593 shares in the company, valued at $6,504,858.46. This trade represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,200,746 shares of company stock valued at $38,505,150. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

A number of large investors have recently made changes to their positions in the business. ProShare Advisors LLC increased its stake in Confluent by 3.1% during the fourth quarter. ProShare Advisors LLC now owns 10,774 shares of the company’s stock worth $301,000 after acquiring an additional 328 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of Confluent by 4.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock worth $323,000 after purchasing an additional 458 shares during the period. EP Wealth Advisors LLC increased its position in shares of Confluent by 3.6% during the 3rd quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock valued at $293,000 after purchasing an additional 503 shares during the last quarter. Truist Financial Corp raised its holdings in Confluent by 2.5% during the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock valued at $589,000 after buying an additional 514 shares during the period. Finally, Jasper Ridge Partners L.P. lifted its position in Confluent by 4.8% in the fourth quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company’s stock worth $403,000 after buying an additional 664 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors.

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.