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

Confluent (NASDAQ:CFLT) had its price objective boosted by research analysts at Bank of America from $26.00 to $31.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Bank of America‘s price objective indicates a potential upside of 2.99% from the company’s previous close.

A number of other brokerages have also recently issued reports on CFLT. Royal Bank of Canada upped their target price on Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. UBS Group upped their target price on Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Sanford C. Bernstein cut their target price on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. JMP Securities reiterated a “market outperform” rating and issued a $40.00 price target on shares of Confluent in a research report on Tuesday, October 29th. Finally, Robert W. Baird upped their price target on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.89.

Confluent Trading Down 4.3 %

Shares of NASDAQ CFLT opened at $30.10 on Wednesday. The stock has a market cap of $9.87 billion, a price-to-earnings ratio of -27.12 and a beta of 0.92. The business has a 50 day simple moving average of $29.49 and a 200 day simple moving average of $25.28. Confluent has a 52 week low of $17.79 and a 52 week high of $35.07. 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 (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 fiscal year.

Insider Buying and Selling at Confluent

In other news, CAO Kong Phan sold 2,096 shares of the firm’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 $59,170.08. Following the sale, the chief accounting officer now owns 190,680 shares of the company’s stock, valued at $5,382,896.40. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Craig Miller sold 53,512 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $33.64, for a total value of $1,800,143.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,508,636 shares of company stock valued at $47,198,798. 13.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Confluent

A number of hedge funds have recently modified their holdings of the business. Champlain Investment Partners LLC raised its position in Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after buying an additional 4,486,841 shares during the last quarter. Fiera Capital Corp bought a new position in Confluent in the third quarter valued at approximately $21,127,000. Jacobs Levy Equity Management Inc. grew its stake in Confluent by 46.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock valued at $51,224,000 after purchasing an additional 802,353 shares in the last quarter. Great Lakes Advisors LLC bought a new position in Confluent in the fourth quarter valued at approximately $20,061,000. Finally, Vanguard Group Inc. grew its stake in Confluent by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock valued at $694,207,000 after purchasing an additional 599,582 shares in 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.