Confluent (NASDAQ:CFLT) Price Target Raised to $42.00 at Wells Fargo & Company

Confluent (NASDAQ:CFLT) had its target price raised by Wells Fargo & Company from $40.00 to $42.00 in a report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also recently weighed in on CFLT. Canaccord Genuity Group boosted their price objective on Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday. Mizuho upped their price target on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Evercore ISI raised their price objective on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday. Bank of America boosted their price objective on shares of Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research report on Wednesday. Finally, Truist Financial increased their target price on Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Confluent Trading Up 25.1 %

CFLT opened at $37.65 on Wednesday. The firm’s fifty day moving average is $29.58 and its two-hundred day moving average is $25.37. The firm has a market cap of $12.35 billion, a PE ratio of -33.92 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 debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS 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%. Equities research analysts anticipate that Confluent will post -0.9 EPS for the current year.

Insider Transactions at Confluent

In other news, CAO Kong Phan sold 2,096 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $59,170.08. Following the completion of the sale, the chief accounting officer now directly 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 filing with the SEC, which is available at this link. Also, insider Erica Schultz sold 9,467 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $267,253.41. Following the transaction, the insider now directly owns 678,016 shares in the company, valued at $19,140,391.68. The trade was a 1.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,508,636 shares of company stock worth $47,198,798 in the last ninety days. Insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several hedge funds have recently added to or reduced their stakes in CFLT. Champlain Investment Partners LLC increased its holdings in shares of Confluent by 72.2% in 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 during the last quarter. Norges Bank acquired a new stake in shares of Confluent during the 4th quarter worth about $81,092,000. Pictet Asset Management Holding SA boosted its holdings 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 buying an additional 2,319,919 shares during the period. Fiera Capital Corp acquired a new position in Confluent in the 3rd quarter valued at about $21,127,000. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Confluent by 46.9% in 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 acquiring an additional 802,353 shares during the period. 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.