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

Confluent (NASDAQ:CFLT) had its price target upped by Scotiabank from $27.00 to $35.00 in a research report report published on Wednesday,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

Other research analysts also recently issued research reports about the company. JMP Securities reiterated a “market outperform” rating and set a $40.00 target price on shares of Confluent in a report on Tuesday, October 29th. Barclays raised their price objective on Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Wednesday. Wells Fargo & Company upped their target price on shares of Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday. Evercore ISI boosted their price objective on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Stifel Nicolaus raised their target price on shares of Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, eight have given 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Confluent Trading Down 3.8 %

NASDAQ CFLT opened at $34.85 on Wednesday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The stock has a market cap of $11.43 billion, a P/E ratio of -31.40 and a beta of 0.92. The stock has a 50 day simple moving average of $29.67 and a two-hundred day simple moving average of $25.52.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results 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 net margin of 38.35% and a negative return on equity of 34.05%. On average, analysts forecast that Confluent will post -0.9 earnings per share for the current year.

Insiders Place Their Bets

In other Confluent news, CFO Rohan Sivaram sold 22,714 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $641,216.22. Following the completion of the sale, the chief financial officer now owns 532,623 shares of the company’s stock, valued at approximately $15,035,947.29. The trade was a 4.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 dated Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the transaction, the chief accounting officer now directly owns 179,939 shares in the company, valued at $5,171,446.86. This trade represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,508,636 shares of company stock worth $47,198,798. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Champlain Investment Partners LLC lifted 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 valued at $218,083,000 after purchasing an additional 4,486,841 shares in the last quarter. Norges Bank bought a new stake in shares of Confluent during the 4th quarter valued at $81,092,000. Pictet Asset Management Holding SA lifted 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 valued at $65,748,000 after buying an additional 2,319,919 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Confluent during the 4th quarter valued at $64,658,000. Finally, Fiera Capital Corp bought a new position in Confluent in the 3rd quarter worth $21,127,000. 78.09% of the stock is 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.