Mizuho Forecasts Strong Price Appreciation for Confluent (NASDAQ:CFLT) Stock

Confluent (NASDAQ:CFLT) had its target price raised by Mizuho from $31.00 to $35.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

CFLT has been the topic of a number of other reports. Sanford C. Bernstein reduced their target price on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Royal Bank of Canada boosted their price objective on Confluent from $26.00 to $33.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Citigroup lifted their target price on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Wolfe Research raised Confluent to a “strong-buy” rating in a research report on Wednesday, September 18th. Finally, DA Davidson restated a “buy” rating and issued a $30.00 price target on shares of Confluent in a research report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have issued a buy rating and one has issued 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 $32.04.

Confluent Stock Performance

NASDAQ CFLT opened at $30.49 on Friday. 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 business has a 50 day simple moving average of $26.86 and a two-hundred day simple moving average of $24.65. The stock has a market capitalization of $10.00 billion, a PE ratio of -27.47 and a beta of 0.88.

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

Insider Activity at Confluent

In other news, Director Michelangelo Volpi sold 50,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $25.92, for a total value of $1,296,000.00. Following the sale, the director now directly owns 280,200 shares in the company, valued at approximately $7,262,784. This trade represents a 15.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Kong Phan sold 2,096 shares of Confluent stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $59,170.08. Following the completion of the transaction, the chief accounting officer now directly owns 190,680 shares in the company, valued at approximately $5,382,896.40. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,533,995 shares of company stock valued at $131,348,784 over the last ninety days. 13.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On Confluent

Several institutional investors have recently bought and sold shares of CFLT. Oddo BHF Asset Management Sas purchased a new stake in shares of Confluent during the 3rd quarter valued at $7,646,000. Tidal Investments LLC increased its position in Confluent by 521.0% during the 3rd quarter. Tidal Investments LLC now owns 50,545 shares of the company’s stock valued at $1,030,000 after buying an additional 42,406 shares in the last quarter. Sanctuary Advisors LLC raised its stake in Confluent by 21.2% in the third quarter. Sanctuary Advisors LLC now owns 18,825 shares of the company’s stock valued at $384,000 after buying an additional 3,298 shares during the last quarter. Westside Investment Management Inc. boosted its holdings in Confluent by 11,796.1% in the third quarter. Westside Investment Management Inc. now owns 12,253 shares of the company’s stock worth $250,000 after acquiring an additional 12,150 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Confluent by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock worth $88,180,000 after acquiring an additional 107,510 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.