Royal Bank of Canada Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its price target lifted by analysts at Royal Bank of Canada from $33.00 to $36.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 25.96% from the stock’s current price.

Other research analysts have also issued reports about the company. DA Davidson reiterated a “buy” rating and issued a $30.00 price objective on shares of Confluent in a research report on Wednesday, September 18th. Scotiabank increased their price target on shares of Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. Needham & Company LLC restated a “buy” rating and issued a $31.00 price objective on shares of Confluent in a report on Friday, November 15th. Evercore ISI cut their price objective on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Finally, Mizuho lifted their target price on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.35.

Confluent Stock Performance

Shares of NASDAQ CFLT traded up $0.33 during midday trading on Friday, reaching $28.58. 394,029 shares of the stock were exchanged, compared to its average volume of 1,590,830. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The firm has a market cap of $9.37 billion, a price-to-earnings ratio of -25.75 and a beta of 0.91. The firm has a 50-day simple moving average of $29.02 and a two-hundred day simple moving average of $24.96. Confluent has a twelve month low of $17.79 and a twelve month high of $35.07.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. The business had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. As a group, analysts anticipate that Confluent will post -0.9 EPS for the current fiscal year.

Insider Activity

In other news, CAO Kong Phan sold 2,096 shares of Confluent stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $59,170.08. Following the completion of the sale, the chief accounting officer now owns 190,680 shares of the company’s stock, valued at approximately $5,382,896.40. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lara Caimi sold 34,500 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $31.32, for a total transaction of $1,080,540.00. Following the transaction, the director now owns 7,160 shares in the company, valued at approximately $224,251.20. The trade was a 82.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,584,712 shares of company stock valued at $132,928,936 in the last quarter. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several hedge funds and other institutional investors have recently modified their holdings of CFLT. Point72 Hong Kong Ltd acquired a new position in Confluent during the third quarter worth about $68,000. GAMMA Investing LLC increased 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 in the last quarter. Acadian Asset Management LLC bought a new position in Confluent in the 2nd quarter valued at approximately $175,000. Plato Investment Management Ltd grew its stake in shares of Confluent by 2,184.1% during the second quarter. Plato Investment Management Ltd now owns 6,601 shares of the company’s stock worth $195,000 after buying an additional 6,312 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Confluent during the third quarter worth $214,000. Institutional investors own 78.09% of the company’s stock.

Confluent Company Profile

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.