Confluent (NASDAQ:CFLT) Price Target Raised to $32.00

Confluent (NASDAQ:CFLT) had its price target hoisted by Morgan Stanley from $30.00 to $32.00 in a research note published on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other research firms also recently commented on CFLT. Evercore ISI raised their price objective on Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday. Wells Fargo & Company raised their price target on Confluent from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday. Stifel Nicolaus upped their price objective on shares of Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler raised their target price on shares of Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Royal Bank of Canada upped their price target on shares of Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday. 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 given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Confluent Stock Down 3.8 %

NASDAQ:CFLT opened at $34.85 on Wednesday. The company has a market cap of $11.43 billion, a price-to-earnings ratio of -31.40 and a beta of 0.92. Confluent has a twelve month low of $17.79 and a twelve month high of $37.90. 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 fifty day simple moving average of $29.67 and a 200-day simple moving average of $25.52.

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 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%. Analysts anticipate that Confluent will post -0.9 EPS for the current year.

Insider Buying and Selling

In other Confluent news, CAO Kong Phan sold 3,947 shares of Confluent stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 179,939 shares in the company, valued at approximately $5,171,446.86. The trade was a 2.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Lara Caimi sold 34,500 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $31.32, for a total transaction of $1,080,540.00. Following the completion of the sale, the director now owns 7,160 shares in the company, valued at $224,251.20. The trade was a 82.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,508,636 shares of company stock valued at $47,198,798 over the last quarter. 13.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Confluent

Institutional investors and hedge funds have recently modified their holdings of the stock. Champlain Investment Partners LLC grew its holdings 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 acquiring an additional 4,486,841 shares during the period. Norges Bank purchased a new stake in Confluent in the 4th quarter worth approximately $81,092,000. Pictet Asset Management Holding SA grew its stake in shares of Confluent by 7,342.2% during the 4th 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. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Confluent during the 4th quarter valued at approximately $64,658,000. Finally, Fiera Capital Corp acquired a new position in shares of Confluent in the 3rd quarter valued at $21,127,000. 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.