Confluent (NASDAQ:CFLT) Upgraded by UBS Group to “Buy” Rating

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

A number of other analysts have also issued reports on CFLT. Canaccord Genuity Group boosted their price target on Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Evercore ISI boosted their price target on Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Wells Fargo & Company boosted their price target on Confluent from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Guggenheim boosted their price target on Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Finally, 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 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $35.15.

Confluent Trading Up 0.2 %

CFLT opened at $31.74 on Wednesday. The stock has a market cap of $10.41 billion, a price-to-earnings ratio of -29.39 and a beta of 0.92. The stock’s 50 day moving average price is $29.96 and its 200-day moving average price is $26.32. Confluent has a one year low of $17.79 and a one year high of $37.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99.

Confluent (NASDAQ:CFLT) last announced its quarterly 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%. On average, equities analysts forecast that Confluent will post -0.83 EPS for the current year.

Insider Activity at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total value of $7,516,725.00. Following the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $14,628,937.04. This represents a 33.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Rohan Sivaram sold 68,350 shares of the company’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $36.23, for a total value of $2,476,320.50. Following the completion of the transaction, the chief financial officer now directly owns 520,273 shares in the company, valued at approximately $18,849,490.79. The trade was a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,429,865 shares of company stock valued at $46,902,419 in the last ninety days. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several hedge funds have recently made changes to their positions in CFLT. Credit Industriel ET Commercial acquired a new stake in Confluent during the 4th quarter worth about $28,000. Blue Trust Inc. grew its position in Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after purchasing an additional 1,607 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Confluent during the 4th quarter worth about $59,000. GAMMA Investing LLC grew its position in Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after purchasing an additional 1,136 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new stake in Confluent during the 3rd quarter worth about $68,000. 78.09% of the stock is owned by institutional investors and hedge funds.

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.