Confluent (NASDAQ:CFLT) Given New $32.00 Price Target at Morgan Stanley

Confluent (NASDAQ:CFLT) had its price target hoisted by Morgan Stanley from $30.00 to $32.00 in a research note published on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other brokerages have also recently issued reports on CFLT. JPMorgan Chase & Co. upped their price objective on Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. JMP Securities reissued a “market outperform” rating and set a $40.00 price target on shares of Confluent in a research report on Tuesday, October 29th. Scotiabank lifted their price objective on shares of Confluent from $27.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday. Mizuho boosted their target price on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, Barclays raised their price target on shares of Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $35.00.

Confluent Stock Up 25.1 %

CFLT stock opened at $37.65 on Wednesday. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The firm has a 50 day simple moving average of $29.58 and a 200-day simple moving average of $25.37. The company has a market capitalization of $12.35 billion, a P/E ratio of -33.92 and a beta of 0.92. Confluent has a twelve month low of $17.79 and a twelve month high of $37.90.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. On average, equities research analysts predict that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Confluent news, Director Matthew Craig Miller sold 541,850 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $30.32, for a total transaction of $16,428,892.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Kong Phan sold 2,096 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $59,170.08. Following the completion of the transaction, the chief accounting officer now owns 190,680 shares of the company’s stock, valued at $5,382,896.40. This trade represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,508,636 shares of company stock valued at $47,198,798 over the last 90 days. 13.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Confluent

Several hedge funds have recently modified their holdings of CFLT. Quantbot Technologies LP lifted its holdings in shares of Confluent by 1,465.6% in the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock valued at $617,000 after buying an additional 28,360 shares during the period. Pathway Capital Management LP bought a new stake in Confluent in the third quarter worth about $918,000. Charles Schwab Investment Management Inc. lifted its holdings in Confluent by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock valued at $46,549,000 after acquiring an additional 64,926 shares during the last quarter. Creative Planning boosted its position in shares of Confluent by 109.9% during the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after purchasing an additional 49,699 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its stake in shares of Confluent by 152.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock worth $1,398,000 after purchasing an additional 41,431 shares during the last quarter. 78.09% of the stock is currently 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.