Confluent (NASDAQ:CFLT) Given New $35.00 Price Target at Truist Financial

Confluent (NASDAQ:CFLT) had its target price increased by Truist Financial from $32.00 to $35.00 in a research note published on Thursday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

CFLT has been the topic of several other research reports. Mizuho raised their price target on Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Barclays raised their target price on Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Evercore ISI lowered their price target on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. TD Cowen lifted their price objective on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. upped their target price on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Confluent has an average rating of “Moderate Buy” and a consensus price target of $32.04.

Confluent Stock Down 2.7 %

CFLT stock opened at $30.49 on Thursday. The firm has a fifty day moving average price of $26.86 and a two-hundred day moving average price of $24.69. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. Confluent has a 1-year low of $17.79 and a 1-year high of $35.07. The firm has a market cap of $10.00 billion, a price-to-earnings ratio of -27.47 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The business had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Research analysts predict that Confluent will post -0.9 EPS for the current year.

Insiders Place Their Bets

In related news, CTO Chad Verbowski sold 13,414 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $378,677.22. Following the sale, the chief technology officer now directly owns 483,393 shares in the company, valued at $13,646,184.39. The trade was a 2.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michelangelo Volpi sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $25.92, for a total transaction of $1,296,000.00. Following the sale, the director now owns 280,200 shares of the company’s stock, valued at $7,262,784. The trade was a 15.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,533,995 shares of company stock worth $131,348,784. 13.82% of the stock is owned by corporate insiders.

Institutional Trading of Confluent

A number of hedge funds have recently bought and sold shares of CFLT. CWM LLC raised its holdings in shares of Confluent by 17.6% during the second quarter. CWM LLC now owns 10,099 shares of the company’s stock valued at $298,000 after acquiring an additional 1,515 shares during the period. SG Americas Securities LLC grew its holdings in shares of Confluent by 785.3% during the second quarter. SG Americas Securities LLC now owns 46,372 shares of the company’s stock valued at $1,369,000 after buying an additional 41,134 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in Confluent during the second quarter valued at $68,000. Assenagon Asset Management S.A. lifted its stake in Confluent by 9.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company’s stock worth $374,000 after acquiring an additional 1,113 shares in the last quarter. Finally, Intellectus Partners LLC boosted its position in Confluent by 26.1% during the 2nd quarter. Intellectus Partners LLC now owns 29,000 shares of the company’s stock worth $856,000 after acquiring an additional 6,000 shares during the period. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.