Barclays Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its price objective lifted by Barclays from $35.00 to $37.00 in a report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also recently issued reports on CFLT. Stifel Nicolaus boosted their price objective on shares of Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Citigroup boosted their price target on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Royal Bank of Canada raised their price objective on Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Sanford C. Bernstein decreased their target price on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, UBS Group raised their price target on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $35.00.

Confluent Stock Performance

NASDAQ CFLT opened at $37.65 on Wednesday. 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 company has a market capitalization of $12.35 billion, a PE ratio of -33.92 and a beta of 0.92. The business’s 50-day moving average price is $29.58 and its 200 day moving average price is $25.37. Confluent has a twelve month low of $17.79 and a twelve month high of $37.90.

Confluent (NASDAQ:CFLT) last announced 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, research analysts predict that Confluent will post -0.9 earnings per share for the current year.

Insider Activity

In other news, Director Matthew Craig Miller sold 53,512 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $33.64, for a total value of $1,800,143.68. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the transaction, the insider now directly owns 687,483 shares in the company, valued at $18,837,034.20. The trade was a 8.48 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,508,636 shares of company stock worth $47,198,798. 13.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CFLT. Champlain Investment Partners LLC lifted its stake in Confluent by 72.2% during the third 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. Norges Bank bought a new position in shares of Confluent in the 4th quarter worth about $81,092,000. Pictet Asset Management Holding SA lifted its position in shares of Confluent by 7,342.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock worth $65,748,000 after buying an additional 2,319,919 shares during the last quarter. Fiera Capital Corp acquired a new position in shares of Confluent in the 3rd quarter valued at about $21,127,000. Finally, Jacobs Levy Equity Management Inc. grew its position 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 valued at $51,224,000 after buying an additional 802,353 shares during 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.