Confluent (NASDAQ:CFLT) upgraded to Strong-Buy by Wolfe Research

VaselineSeptember 21, 2024

0 4 minutes read

Wolfe Research updated the ratings of Confluent (NASDAQ:CFLT – Free Report) to a strong-buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

Other equities research analysts have also issued research reports on the stock. Needham & Company LLC restated a buy rating and issued a $38.00 target price on shares of Confluent in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Confluent from $35.00 to $30.00 and set a buy rating for the company in a research note on Thursday, August 1st. Baird RW raised Confluent to a hold rating in a research note on Wednesday, September 4th. Scotiabank cut their price target on Confluent from $28.00 to $25.00 and set a sector perform rating for the company in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. raised Confluent from a neutral rating to an overweight rating and set a $25.00 price objective on the stock in a research report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $30.31.

Check out our latest report on Confluent

Confluent Trading Down 1.5%

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Shares of CFLT stock opened at $20.36 on Wednesday. The stock has a market cap of $6.47 billion, a PE ratio of -16.29 and a beta of 0.88. The company’s fifty-day moving average is $21.83, and its 200-day moving average is $26.71. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44, and a current ratio of 4.44. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $35.07.

Confluent (NASDAQ:CFLT – Get Your Free Report ) last posted its earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. The business had revenue of $234.99 million during the quarter, compared to the consensus estimate of $229.49 million. sell-side analysts expect that Confluent will post -0.95 earnings per share for the current fiscal year.

Insiders place their bets

In other news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,045,235.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC’s website. In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,045,235.12. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the sale, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 524,263 shares of company stock worth $10,829,566. 13.82% of shares are owned by corporate insiders.

Confluent Institutional Trading

A number of hedge funds have recently modified their holdings of the stock. Hollencrest Capital Management acquired a new position in Confluent in the first quarter worth $26,000. Quest Partners LLC acquired a new stake in shares of Confluent in the fourth quarter valued at approximately $31,000. V Square Quantitative Management LLC purchased a new stake in shares of Confluent in the 2nd quarter valued at approximately $68,000. UniSuper Management Pty Ltd boosted its holdings in shares of Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after buying an additional 1,500 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its position in Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after acquiring an additional 859 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s shares.

Profile of the merging company

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Confluent, Inc operates a data streaming platform in the United States and internationally. The company provides platforms that enable customers to connect their applications, systems and data layers, such as Confluent Cloud, a cloud-native managed software-as-a-service; and Confluent Platform, self-managed enterprise software.