Confluent (NASDAQ:CFLT) Price Target Raised to $35.00

Confluent (NASDAQ:CFLT) had its target price boosted by research analysts at Guggenheim from $32.00 to $35.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s target price would indicate a potential upside of 12.83% from the company’s current price.

A number of other research analysts have also recently commented on CFLT. Stifel Nicolaus upped their price target on shares of Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Robert W. Baird raised their price objective on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. UBS Group increased their price target on Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and issued a $31.00 price objective on shares of Confluent in a research note on Friday, November 15th. Finally, Wells Fargo & Company increased their target price on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. One investment 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 company’s stock. According to MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and an average price target of $32.30.

Confluent Trading Up 5.1 %

Shares of CFLT stock traded up $1.52 during trading hours on Friday, reaching $31.02. 524,455 shares of the stock were exchanged, compared to its average volume of 3,829,994. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent has a 12-month low of $17.79 and a 12-month high of $35.07. The firm has a market capitalization of $10.17 billion, a price-to-earnings ratio of -27.94 and a beta of 0.91. The company’s 50-day moving average price is $29.71 and its 200-day moving average price is $25.03.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The firm had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. As a group, equities analysts anticipate that Confluent will post -0.9 earnings per share for the current year.

Insider Activity

In other Confluent news, CMO Stephanie Buscemi sold 5,271 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $148,800.33. Following the transaction, the chief marketing officer now owns 144,373 shares of the company’s stock, valued at $4,075,649.79. This represents a 3.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Michelangelo Volpi sold 477,952 shares of Confluent stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $26.41, for a total transaction of $12,622,712.32. Following the completion of the sale, the director now owns 317,079 shares of the company’s stock, valued at $8,374,056.39. This trade represents a 60.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,370,589 shares of company stock valued at $127,326,348. 13.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. J.W. Cole Advisors Inc. acquired a new stake in Confluent in the 4th quarter valued at about $281,000. Legato Capital Management LLC purchased a new stake in shares of Confluent during the fourth quarter worth approximately $724,000. Savant Capital LLC acquired a new stake in Confluent in the fourth quarter valued at approximately $10,607,000. Exane Asset Management purchased a new position in Confluent in the fourth quarter worth approximately $529,000. Finally, Lecap Asset Management Ltd. acquired a new stake in shares of Confluent during the 4th quarter worth about $1,145,000. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

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.