Morgan Stanley Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its price target lifted by Morgan Stanley from $30.00 to $32.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the stock.

CFLT has been the subject of a number of other research reports. Guggenheim increased their target price on Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. UBS Group raised their price objective on Confluent from $26.00 to $34.00 and gave the company a “neutral” rating in a report on Wednesday. Robert W. Baird upped their target price on shares of Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. TD Cowen raised their price target on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Scotiabank boosted their price target on shares of Confluent from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, eight 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, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Confluent Trading Down 3.8 %

Shares of CFLT stock opened at $34.85 on Wednesday. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90. The company has a market cap of $11.43 billion, a price-to-earnings ratio of -31.40 and a beta of 0.92. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The stock has a 50 day simple moving average of $29.67 and a 200-day simple moving average of $25.52.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share 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%. On average, equities research analysts expect that Confluent will post -0.9 EPS for the current fiscal year.

Insider Activity

In other news, Director Matthew Craig Miller sold 541,850 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $30.32, for a total transaction of $16,428,892.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Kong Phan sold 2,096 shares of Confluent stock in a transaction on 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 transaction, the chief accounting officer now owns 190,680 shares of the company’s stock, valued at approximately $5,382,896.40. This trade represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,508,636 shares of company stock valued at $47,198,798. 13.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Confluent

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