Confluent (NASDAQ:CFLT) Reaches New 12-Month High – Time to Buy?

Confluent, Inc. (NASDAQ:CFLT)’s stock price reached a new 52-week high on Monday . The company traded as high as $30.99 and last traded at $30.9850, with a volume of 8866064 shares changing hands. The stock had previously closed at $30.67.

Analyst Ratings Changes

Several research firms recently commented on CFLT. Truist Financial set a $31.00 price objective on shares of Confluent in a research note on Monday, December 8th. Guggenheim lowered shares of Confluent from a “buy” rating to a “hold” rating in a report on Tuesday, December 9th. Citizens Jmp downgraded Confluent from an “outperform” rating to a “market perform” rating in a research report on Friday, January 9th. Mizuho lowered Confluent from a “strong-buy” rating to a “hold” rating in a report on Monday, December 8th. Finally, UBS Group cut Confluent from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $29.00 to $31.00 in a research report on Tuesday, December 9th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, twenty-eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Confluent has an average rating of “Hold” and an average price target of $28.71.

Confluent Price Performance

The stock’s 50 day simple moving average is $30.56 and its 200-day simple moving average is $25.94. The firm has a market cap of $11.08 billion, a price-to-earnings ratio of -36.03 and a beta of 0.95. The company has a debt-to-equity ratio of 0.94, a quick ratio of 3.83 and a current ratio of 3.83.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. Confluent had a negative net margin of 25.31% and a negative return on equity of 22.66%. The firm had revenue of $314.82 million for the quarter, compared to analyst estimates of $308.03 million. During the same period in the previous year, the company earned $0.09 earnings per share. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. Equities research analysts anticipate that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling at Confluent

In related news, CAO Kong Phan sold 2,277 shares of Confluent stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $30.70, for a total transaction of $69,903.90. Following the completion of the sale, the chief accounting officer owned 218,228 shares of the company’s stock, valued at $6,699,599.60. The trade was a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Ban Ryan Norris Mac sold 19,756 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $30.66, for a total value of $605,718.96. Following the completion of the sale, the executive owned 358,890 shares in the company, valued at approximately $11,003,567.40. This represents a 5.22% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 534,745 shares of company stock worth $16,388,405. 13.82% of the stock is owned by corporate insiders.

Institutional Trading of Confluent

Large investors have recently made changes to their positions in the business. United Community Bank purchased a new position in shares of Confluent during the fourth quarter worth $30,000. Los Angeles Capital Management LLC acquired a new stake in Confluent during the 4th quarter worth about $36,000. Quarry LP purchased a new position in shares of Confluent during the 3rd quarter valued at about $26,000. Leonteq Securities AG acquired a new position in shares of Confluent in the 4th quarter valued at about $48,000. Finally, Danske Bank A S acquired a new position in shares of Confluent in the 3rd quarter valued at about $34,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

About Confluent

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.