Confluent (NASDAQ:CFLT) Price Target Raised to $42.00 at Wells Fargo & Company

Confluent (NASDAQ:CFLT) had its price target hoisted by Wells Fargo & Company from $40.00 to $42.00 in a research report report published on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other equities analysts have also recently weighed in on the company. Mizuho lifted their price objective on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Guggenheim boosted their price target on Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday. Needham & Company LLC upped their price objective on shares of Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday. Piper Sandler raised their target price on shares of Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, TD Cowen upped their price target on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Confluent Trading Up 25.1 %

CFLT stock opened at $37.65 on Wednesday. Confluent has a 52 week low of $17.79 and a 52 week high of $37.90. The company has a market capitalization of $12.35 billion, a PE ratio of -33.92 and a beta of 0.92. The company’s 50-day simple moving average is $29.58 and its 200 day simple moving average is $25.37. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. As a group, sell-side analysts anticipate that Confluent will post -0.9 earnings per share for the current year.

Insiders Place Their Bets

In related news, CMO Stephanie Buscemi sold 5,271 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $148,800.33. Following the sale, the chief marketing officer now directly owns 144,373 shares in the company, valued at $4,075,649.79. This represents a 3.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the transaction, the insider now owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. The trade was a 8.48 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,508,636 shares of company stock valued at $47,198,798. 13.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Confluent

A number of institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC bought a new position in Confluent during the second quarter worth $462,000. Creative Planning grew its holdings in Confluent by 109.9% during the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after acquiring an additional 49,699 shares during the period. Lake Street Advisors Group LLC raised its position in shares of Confluent by 14.0% in the 3rd quarter. Lake Street Advisors Group LLC now owns 18,481 shares of the company’s stock worth $377,000 after acquiring an additional 2,263 shares in the last quarter. US Bancorp DE raised its position in shares of Confluent by 307.7% in the 3rd quarter. US Bancorp DE now owns 16,702 shares of the company’s stock worth $340,000 after acquiring an additional 12,605 shares in the last quarter. Finally, Janney Capital Management LLC lifted its stake in shares of Confluent by 52.2% in the 3rd quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock valued at $406,000 after purchasing an additional 6,842 shares during the period. 78.09% of the stock is owned by institutional investors.

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.