Confluent (NASDAQ:CFLT) Price Target Raised to $40.00 at Stifel Nicolaus

Confluent (NASDAQ:CFLT) had its price objective raised by equities researchers at Stifel Nicolaus from $37.00 to $40.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price target suggests a potential upside of 32.89% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on CFLT. Needham & Company LLC lifted their price objective on shares of Confluent from $31.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday. Mizuho boosted their target price on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Robert W. Baird increased their price target on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Bank of America boosted their price objective on Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday. Finally, Guggenheim upped their price objective on Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.15.

Confluent Price Performance

Shares of CFLT opened at $30.10 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The company has a market cap of $9.87 billion, a P/E ratio of -27.12 and a beta of 0.92. Confluent has a 12 month low of $17.79 and a 12 month high of $35.07. The stock has a fifty day moving average price of $29.49 and a 200 day moving average price of $25.28.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate 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, research analysts forecast that Confluent will post -0.9 earnings per share for the current year.

Insider Buying and Selling at Confluent

In related news, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $27.40, for a total value of $1,746,174.60. Following the transaction, the insider now owns 687,483 shares in the company, valued at approximately $18,837,034.20. This represents a 8.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Matthew Craig Miller sold 53,512 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $33.64, for a total transaction of $1,800,143.68. The disclosure for this sale can be found here. Insiders have sold 1,508,636 shares of company stock worth $47,198,798 over the last 90 days. 13.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Confluent

Several hedge funds have recently bought and sold shares of CFLT. Vanguard Group Inc. lifted its position in shares of Confluent by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock worth $694,207,000 after buying an additional 599,582 shares during the last quarter. Champlain Investment Partners LLC lifted its holdings in Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after purchasing an additional 4,486,841 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Confluent by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock worth $88,180,000 after buying an additional 107,510 shares during the last quarter. Atreides Management LP lifted its stake in shares of Confluent by 7.3% in the third quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock worth $55,167,000 after buying an additional 184,865 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Confluent by 46.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock worth $51,224,000 after buying an additional 802,353 shares during the period. 78.09% of the stock is 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.