Confluent (NASDAQ:CFLT) Trading 8.1% Higher – Should You Buy?

Shares of Confluent, Inc. (NASDAQ:CFLT) traded up 8.1% during mid-day trading on Wednesday . The company traded as high as $30.00 and last traded at $29.95. 2,576,986 shares were traded during mid-day trading, a decline of 41% from the average session volume of 4,343,759 shares. The stock had previously closed at $27.70.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Barclays raised their target price on Confluent from $29.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Mizuho lifted their price objective on Confluent from $29.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Needham & Company LLC lifted their price objective on Confluent from $28.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Piper Sandler reduced their price objective on Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Confluent has an average rating of “Moderate Buy” and a consensus target price of $30.88.

Confluent Price Performance

The company’s 50 day simple moving average is $21.89 and its 200 day simple moving average is $24.56. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24.

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

Insider Activity

In other news, CMO Stephanie Buscemi sold 3,866 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the transaction, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CMO Stephanie Buscemi sold 3,866 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the transaction, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Rohan Sivaram sold 22,926 shares of Confluent stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $497,035.68. Following the completion of the sale, the chief financial officer now directly owns 555,337 shares of the company’s stock, valued at $12,039,706.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,041,895 shares of company stock worth $53,318,197. Company insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quantbot Technologies LP boosted its holdings in shares of Confluent by 1,465.6% in the 3rd quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock valued at $617,000 after purchasing an additional 28,360 shares during the last quarter. Qsemble Capital Management LP boosted its holdings in shares of Confluent by 195.7% in the 3rd quarter. Qsemble Capital Management LP now owns 118,994 shares of the company’s stock valued at $2,425,000 after purchasing an additional 78,746 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Confluent in the 3rd quarter valued at $2,535,000. Algert Global LLC acquired a new position in shares of Confluent during the 3rd quarter valued at $1,775,000. Finally, Cerity Partners LLC lifted its holdings in shares of Confluent by 28.1% during the 3rd quarter. Cerity Partners LLC now owns 35,129 shares of the company’s stock valued at $716,000 after acquiring an additional 7,705 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other 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.