Confluent (NASDAQ:CFLT) Price Target Raised to $31.00

Confluent (NASDAQ:CFLT) had its target price increased by investment analysts at TD Cowen from $27.00 to $31.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price target points to a potential upside of 17.34% from the stock’s current price.

Several other equities research analysts have also recently commented on CFLT. Stifel Nicolaus dropped their target price on Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company cut their price objective on Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. JMP Securities reaffirmed a “market outperform” rating and set a $40.00 target price on shares of Confluent in a research note on Tuesday. Loop Capital dropped their price target on shares of Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, July 19th. Finally, Mizuho lifted their price objective on shares of Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Confluent has a consensus rating of “Moderate Buy” and an average target price of $30.10.

Confluent Stock Performance

NASDAQ CFLT traded up $3.35 on Thursday, hitting $26.42. The stock had a trading volume of 9,453,504 shares, compared to its average volume of 4,324,732. The company’s 50-day moving average is $20.84 and its two-hundred day moving average is $24.67. Confluent has a one year low of $14.69 and a one year high of $35.07. The stock has a market cap of $8.53 billion, a price-to-earnings ratio of -22.56 and a beta of 0.88. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. The business had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. On average, analysts expect that Confluent will post -0.95 earnings per share for the current year.

Insider Activity at Confluent

In related news, CTO Chad Verbowski sold 13,540 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $293,547.20. Following the transaction, the chief technology officer now owns 496,807 shares of the company’s stock, valued at approximately $10,770,775.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Lara Caimi sold 9,375 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the sale, the director now directly owns 7,160 shares in the company, valued at approximately $143,271.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Chad Verbowski sold 13,540 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $293,547.20. Following the transaction, the chief technology officer now owns 496,807 shares in the company, valued at approximately $10,770,775.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 524,453 shares of company stock valued at $10,833,388. 13.82% of the stock is owned by corporate insiders.

Institutional Trading of Confluent

Several large investors have recently made changes to their positions in the stock. Diversified Trust Co lifted its holdings in Confluent by 110.3% in the 3rd quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after purchasing an additional 31,729 shares during the last quarter. Sycomore Asset Management raised its position in shares of Confluent by 308.3% in the second quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock valued at $9,176,000 after purchasing an additional 251,507 shares during the period. Sei Investments Co. lifted its stake in shares of Confluent by 29.1% in the second quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock worth $9,022,000 after buying an additional 68,880 shares during the last quarter. Highland Capital Management LLC bought a new stake in shares of Confluent during the 1st quarter worth $1,181,000. Finally, Creative Planning grew its stake in Confluent by 109.9% in the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after buying an additional 49,699 shares during the last quarter. Institutional investors own 78.09% of the company’s stock.

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.