Confluent (NASDAQ:CFLT) Given New $35.00 Price Target at Scotiabank

Confluent (NASDAQ:CFLT) had its price target upped by investment analysts at Scotiabank from $27.00 to $35.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price objective suggests a potential downside of 3.80% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. UBS Group raised their target price on shares of Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Barclays upped their price target on shares of Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Wednesday. Truist Financial increased their target price on Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, December 12th. JPMorgan Chase & Co. upped their price objective on shares of Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Finally, Citigroup raised their price objective on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.44.

Confluent Price Performance

CFLT stock traded up $6.28 on Wednesday, hitting $36.38. 9,321,713 shares of the company’s stock traded hands, compared to its average volume of 4,480,649. 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 stock has a market cap of $11.93 billion, a price-to-earnings ratio of -32.80 and a beta of 0.92. Confluent has a 1-year low of $17.79 and a 1-year high of $36.48. The stock has a fifty day moving average of $29.49 and a 200-day moving average of $25.28.

Confluent (NASDAQ:CFLT) last released 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, analysts forecast that Confluent will post -0.9 EPS for the current fiscal year.

Insider Activity at Confluent

In related news, Director Matthew Craig Miller sold 53,512 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $33.64, for a total transaction of $1,800,143.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Kong Phan sold 3,947 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $28.74, for a total transaction of $113,436.78. Following the transaction, the chief accounting officer now directly owns 179,939 shares of the company’s stock, valued at $5,171,446.86. The trade was a 2.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,508,636 shares of company stock valued at $47,198,798 over the last quarter. 13.82% of the stock is owned by corporate 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 stock. Champlain Investment Partners LLC raised its stake in Confluent by 72.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after buying an additional 4,486,841 shares during the period. Norges Bank bought a new stake in shares of Confluent during the fourth quarter valued at approximately $81,092,000. Pictet Asset Management Holding SA raised its position in shares of Confluent by 7,342.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock worth $65,748,000 after purchasing an additional 2,319,919 shares during the period. Fiera Capital Corp bought a new position in shares of Confluent in the 3rd quarter worth $21,127,000. Finally, Jacobs Levy Equity Management Inc. grew its position in Confluent by 46.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock valued at $51,224,000 after purchasing an additional 802,353 shares during the period. 78.09% of the stock is owned by institutional investors and hedge funds.

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.