Confluent (NASDAQ:CFLT) Price Target Raised to $38.00

Confluent (NASDAQ:CFLT) had its price target lifted by analysts at Canaccord Genuity Group from $34.00 to $38.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 26.25% from the company’s previous close.

A number of other research firms also recently commented on CFLT. TD Cowen increased their price objective on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Sanford C. Bernstein decreased their price target on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Wells Fargo & Company boosted their price target on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Morgan Stanley reissued an “equal weight” rating and issued a $30.00 price objective (down previously from $33.00) on shares of Confluent in a report on Thursday, January 16th. Finally, Robert W. Baird upped their price target on shares of Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research report 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $33.15.

Confluent Stock Down 4.3 %

Shares of Confluent stock opened at $30.10 on Wednesday. The firm has a market cap of $9.87 billion, a PE ratio of -27.12 and a beta of 0.92. The business’s 50 day simple moving average is $29.49 and its 200 day simple moving average is $25.28. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent has a 52-week low of $17.79 and a 52-week high of $35.07.

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

Insider Buying and Selling

In related news, CAO Kong Phan sold 3,947 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $28.74, for a total transaction of $113,436.78. Following the completion of the sale, the chief accounting officer now owns 179,939 shares of the company’s stock, valued at $5,171,446.86. This represents a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Chad Verbowski sold 13,414 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $378,677.22. Following the completion of the transaction, the chief technology officer now directly owns 483,393 shares in the company, valued at approximately $13,646,184.39. This represents a 2.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,508,636 shares of company stock valued at $47,198,798 over the last 90 days. 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 company. Quantbot Technologies LP raised its position in Confluent by 1,465.6% during the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock valued at $617,000 after purchasing an additional 28,360 shares in the last quarter. Pathway Capital Management LP acquired a new position in shares of Confluent during the 3rd quarter worth $918,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Confluent by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after buying an additional 64,926 shares in the last quarter. Creative Planning boosted its stake in Confluent by 109.9% in the third quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after buying an additional 49,699 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its stake in Confluent by 152.4% in the third quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock valued at $1,398,000 after buying an additional 41,431 shares in the last quarter. Institutional investors and hedge funds 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.