On Monday, Confluent got an upgrade for its IBD SmartSelect Composite Rating from 94 to 96.
The new rating shows the stock is outpacing 96% of all stocks when it comes to the most important stock-picking criteria. History shows the top market performers tend to have a 95 or higher score as they launch their major moves.
Confluent broke out earlier, but has fallen back below the prior 29.72 entry from a cup without handle. If a stock you're tracking clears a buy point then declines 7% or more below the original entry price, it's considered a failed base. Wait for the stock to set up and breakout from a new chart pattern and entry price.
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The stock sports an 81 EPS Rating, which means its recent quarterly and longer-term annual earnings growth is outpacing 81% of all stocks.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.
In Q3, the company posted 400% earnings-per-share growth. Top line growth rose 25%, up from 24% in the prior report. That marks one quarter of increasing revenue growth.
Confluent holds the No. 2 rank among its peers in the Computer Software-Database industry group. Commvault Systems is the No. 1-ranked stock within the group.
