Confluent (NASDAQ:CFLT) Price Target Raised to $31.00

Confluent (NASDAQ:CFLT) had its price target boosted by research analysts at Bank of America from $26.00 to $31.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Bank of America‘s target price points to a potential upside of 2.99% from the company’s previous close.

Several other research firms have also recently weighed in on CFLT. Wells Fargo & Company lifted their price target on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Scotiabank lifted their price target on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a report on Thursday, October 31st. TD Cowen lifted their price objective on Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Barclays lifted their price objective on Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Piper Sandler lifted their price objective on Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.89.

Confluent Stock Performance

NASDAQ:CFLT opened at $30.10 on Wednesday. The stock has a market cap of $9.87 billion, a P/E ratio of -27.12 and a beta of 0.92. The stock has a 50 day simple moving average of $29.49 and a 200 day simple moving average of $25.28. The company has a current ratio of 4.24, a quick 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 released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. Research analysts anticipate that Confluent will post -0.9 earnings per share for the current year.

Insider Buying and Selling

In other Confluent news, insider Erica Schultz sold 9,467 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $267,253.41. Following the sale, the insider now owns 678,016 shares in the company, valued at approximately $19,140,391.68. The trade was a 1.38 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Kong Phan sold 2,096 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $59,170.08. Following the completion of the sale, the chief accounting officer now owns 190,680 shares in the company, valued at $5,382,896.40. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,508,636 shares of company stock worth $47,198,798 in the last 90 days. Insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several institutional investors and hedge funds have recently made changes to their positions in CFLT. Champlain Investment Partners LLC boosted its position in shares of Confluent by 72.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after purchasing an additional 4,486,841 shares in the last quarter. Fiera Capital Corp bought a new stake in shares of Confluent during the 3rd quarter valued at about $21,127,000. Jacobs Levy Equity Management Inc. boosted its position in shares of Confluent by 46.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock valued at $51,224,000 after purchasing an additional 802,353 shares in the last quarter. Great Lakes Advisors LLC bought a new stake in shares of Confluent during the 4th quarter valued at about $20,061,000. Finally, Vanguard Group Inc. boosted its position in shares of Confluent by 2.5% during the 4th 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. 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.