Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, Scotiabank Analyst Says

Confluent (NASDAQ:CFLT) had its price objective upped by research analysts at Scotiabank from $27.00 to $35.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s price target points to a potential downside of 3.80% from the company’s previous close.

Other analysts have also issued research reports about the company. Needham & Company LLC upped their target price on Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. Robert W. Baird lifted their price target on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Mizuho upped their price target on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Truist Financial lifted their target price on shares of Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, Royal Bank of Canada raised their price objective on shares of Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $34.44.

Confluent Stock Performance

CFLT traded up $6.28 during trading hours on Wednesday, hitting $36.38. The stock had a trading volume of 9,321,713 shares, compared to its average volume of 4,480,649. Confluent has a 1 year low of $17.79 and a 1 year high of $36.48. The company’s fifty day simple moving average is $29.49 and its 200 day simple moving average is $25.28. The stock has a market cap of $11.93 billion, a PE ratio of -32.80 and a beta of 0.92. 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 posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. Equities analysts anticipate that Confluent will post -0.9 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Matthew Craig Miller sold 53,512 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $33.64, for a total value of $1,800,143.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Kong Phan sold 2,096 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 $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. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,508,636 shares of company stock valued at $47,198,798 over the last 90 days. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Institutional investors have recently bought and sold shares of the company. Orion Portfolio Solutions LLC raised its holdings in shares of Confluent by 8.2% during the fourth quarter. Orion Portfolio Solutions LLC now owns 32,117 shares of the company’s stock valued at $898,000 after acquiring an additional 2,421 shares during the last quarter. Pictet Asset Management Holding SA raised its stake in Confluent by 7,342.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock valued at $65,748,000 after purchasing an additional 2,319,919 shares during the last quarter. Nomura Asset Management Co. Ltd. purchased a new position in Confluent in the 4th quarter valued at $9,227,000. Norges Bank purchased a new stake in shares of Confluent during the fourth quarter worth $81,092,000. Finally, Pier Capital LLC raised its position in shares of Confluent by 15.9% in the fourth quarter. Pier Capital LLC now owns 203,863 shares of the company’s stock valued at $5,700,000 after buying an additional 27,920 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.