Piper Sandler Boosts Confluent (NASDAQ:CFLT) Price Target to $35.00

Confluent (NASDAQ:CFLT) had its price target boosted by equities research analysts at Piper Sandler from $32.00 to $35.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 16.55% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. Citigroup increased their target price on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Evercore ISI lowered their target price on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. Barclays upped their price target on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Sanford C. Bernstein lowered their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Robert W. Baird raised their target price on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Confluent has a consensus rating of “Moderate Buy” and a consensus target price of $32.46.

Confluent Trading Up 2.6 %

NASDAQ CFLT traded up $0.77 on Monday, hitting $30.03. The company’s stock had a trading volume of 602,309 shares, compared to its average volume of 1,791,469. The firm has a market cap of $9.85 billion, a PE ratio of -27.05 and a beta of 0.91. The company’s 50-day moving average is $29.15 and its 200 day moving average is $24.93. 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 1-year low of $17.79 and a 1-year high of $35.07.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. As a group, analysts predict that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Activity at Confluent

In related 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 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 approximately $5,171,446.86. This trade represents a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Chad Verbowski sold 13,414 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $378,677.22. Following the completion of the transaction, the chief technology officer now owns 483,393 shares in the company, valued at approximately $13,646,184.39. The trade was a 2.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,584,712 shares of company stock valued at $132,928,936. 13.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Confluent

A number of hedge funds have recently modified their holdings of CFLT. Principal Financial Group Inc. raised its stake in shares of Confluent by 10.5% in the second quarter. Principal Financial Group Inc. now owns 215,464 shares of the company’s stock valued at $6,363,000 after buying an additional 20,504 shares during the period. Rhumbline Advisers boosted its position in Confluent by 19.9% during the second quarter. Rhumbline Advisers now owns 301,590 shares of the company’s stock worth $8,906,000 after purchasing an additional 49,969 shares during the period. TD Asset Management Inc increased its stake in shares of Confluent by 4.5% in the second quarter. TD Asset Management Inc now owns 385,424 shares of the company’s stock worth $11,382,000 after purchasing an additional 16,474 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Confluent by 1.7% in the second quarter. Victory Capital Management Inc. now owns 548,354 shares of the company’s stock valued at $16,193,000 after purchasing an additional 9,424 shares during the period. Finally, Arizona State Retirement System boosted its holdings in Confluent by 7.8% in the 2nd quarter. Arizona State Retirement System now owns 55,812 shares of the company’s stock worth $1,648,000 after buying an additional 4,051 shares during the period. 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.