Confluent (NASDAQ:CFLT) Price Target Raised to $41.00

Confluent (NASDAQ:CFLT) had its price target upped by Royal Bank of Canada from $36.00 to $41.00 in a research note published on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. upped their price target on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Bank of America upped their price target on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 target price on shares of Confluent in a research note on Tuesday, October 29th. Truist Financial raised their target price on shares of Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, UBS Group raised their target price on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $35.00.

Confluent Stock Down 3.8 %

CFLT stock opened at $34.85 on Wednesday. The stock has a 50-day simple moving average of $29.67 and a two-hundred day simple moving average of $25.52. Confluent has a twelve month low of $17.79 and a twelve month high of $37.90. The firm has a market capitalization of $11.43 billion, a PE ratio of -31.40 and a beta of 0.92. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last posted its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts predict that Confluent will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling at Confluent

In related news, CMO Stephanie Buscemi sold 5,271 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $148,800.33. Following the completion of the transaction, the chief marketing officer now owns 144,373 shares in the company, valued at $4,075,649.79. This represents a 3.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Erica Schultz sold 9,467 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $267,253.41. Following the transaction, the insider now owns 678,016 shares of the company’s stock, valued at approximately $19,140,391.68. This represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,508,636 shares of company stock worth $47,198,798. 13.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Confluent

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Credit Industriel ET Commercial purchased a new stake in Confluent in the fourth quarter worth about $28,000. Blue Trust Inc. lifted its holdings in Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after buying an additional 1,607 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Confluent in the fourth quarter worth about $59,000. GAMMA Investing LLC lifted its holdings in Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after buying an additional 1,136 shares during the period. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Confluent during the 3rd quarter valued at $68,000. 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.