Royal Bank of Canada Forecasts Strong Price Appreciation for Confluent (NASDAQ:CFLT) Stock

Confluent (NASDAQ:CFLT) had its price target upped by stock analysts at Royal Bank of Canada from $33.00 to $36.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 23.03% from the company’s current price.

A number of other analysts also recently commented on CFLT. Sanford C. Bernstein decreased their price target on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Scotiabank increased their target price on shares of Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. TD Cowen upped their price target on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Needham & Company LLC restated a “buy” rating and issued a $31.00 target price on shares of Confluent in a research note on Friday, November 15th. Finally, UBS Group boosted their price target on shares of Confluent from $23.00 to $26.00 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, seven have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.35.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $29.26 on Friday. Confluent has a twelve month low of $17.79 and a twelve month high of $35.07. The firm has a market capitalization of $9.60 billion, a price-to-earnings ratio of -26.36 and a beta of 0.91. The stock’s 50 day moving average is $29.15 and its 200-day moving average is $24.95. 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 (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. The business had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. Sell-side analysts forecast that Confluent will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling at Confluent

In other Confluent news, CAO Kong Phan sold 3,947 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the sale, the chief accounting officer now directly owns 179,939 shares in the company, valued at $5,171,446.86. This trade represents a 2.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Matthew Craig Miller sold 53,512 shares of the company’s stock in a transaction that occurred on 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. Insiders sold 4,584,712 shares of company stock valued at $132,928,936 in the last 90 days. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Institutional investors have recently added to or reduced their stakes in the company. Diversified Trust Co grew its position in shares of Confluent by 110.3% in the 3rd quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after buying an additional 31,729 shares during the period. Sycomore Asset Management boosted its stake in Confluent by 308.3% during the second quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock worth $9,176,000 after acquiring an additional 251,507 shares in the last quarter. Quantbot Technologies LP grew its holdings in Confluent by 1,465.6% in the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after purchasing an additional 28,360 shares during the period. Pathway Capital Management LP bought a new position in shares of Confluent during the third quarter valued at approximately $918,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Confluent by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock valued at $46,549,000 after purchasing an additional 64,926 shares during the last quarter. Institutional investors own 78.09% of the company’s stock.

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.