Confluent (NASDAQ:CFLT) Given New $40.00 Price Target at Stifel Nicolaus

Confluent (NASDAQ:CFLT) had its target price upped by equities researchers at Stifel Nicolaus from $37.00 to $40.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective indicates a potential upside of 32.89% from the stock’s current price.

A number of other equities research analysts also recently weighed in on CFLT. Wells Fargo & Company lifted their target price on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Bank of America boosted their price objective on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research report on Wednesday. Robert W. Baird upped their target price on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Barclays lifted their price target on shares of Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Confluent presently has an average rating of “Moderate Buy” and a consensus target price of $33.15.

Confluent Stock Down 4.3 %

Shares of CFLT stock opened at $30.10 on Wednesday. The stock has a 50 day moving average of $29.49 and a 200-day moving average of $25.28. The firm has a market cap of $9.87 billion, a PE ratio of -27.12 and a beta of 0.92. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent has a 12 month low of $17.79 and a 12 month high of $35.07.

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

Insider Activity

In other 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 owns 179,939 shares in the company, valued at $5,171,446.86. The trade was a 2.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the completion of the transaction, the insider now owns 687,483 shares in the company, valued at $18,837,034.20. This represents a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,508,636 shares of company stock valued at $47,198,798. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pier Capital LLC grew its position in shares of Confluent by 15.9% during the 4th quarter. Pier Capital LLC now owns 203,863 shares of the company’s stock worth $5,700,000 after buying an additional 27,920 shares during the period. Emerald Advisers LLC acquired a new position in Confluent during the fourth quarter valued at approximately $467,000. Vanguard Group Inc. increased 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. LPL Financial LLC raised its holdings in Confluent by 43.7% in the fourth quarter. LPL Financial LLC now owns 66,726 shares of the company’s stock worth $1,866,000 after purchasing an additional 20,300 shares during the period. Finally, Fox Run Management L.L.C. boosted its position in shares of Confluent by 19.8% during the fourth quarter. Fox Run Management L.L.C. now owns 71,717 shares of the company’s stock worth $2,005,000 after purchasing an additional 11,870 shares in the last quarter. Institutional investors 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.