Confluent (NASDAQ:CFLT) Price Target Raised to $34.00

Confluent (NASDAQ:CFLT) had its price objective increased by UBS Group from $26.00 to $34.00 in a report released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also issued reports on CFLT. Bank of America lifted their target price on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday. JMP Securities reissued a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a research report on Tuesday, October 29th. Evercore ISI raised their target price on shares of Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday. Piper Sandler boosted their price target on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Morgan Stanley restated an “equal weight” rating and issued a $30.00 price objective (down from $33.00) on shares of Confluent in a report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Confluent Stock Performance

Shares of Confluent stock opened at $34.85 on Wednesday. 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 market capitalization of $11.43 billion, a price-to-earnings ratio of -31.40 and a beta of 0.92. The business has a 50-day moving average of $29.67 and a 200 day moving average of $25.52. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90.

Confluent (NASDAQ:CFLT) last announced 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 net margin of 38.35% and a negative return on equity of 34.05%. As a group, sell-side analysts forecast that Confluent will post -0.9 earnings per share for the current year.

Insider Buying and Selling

In other Confluent news, CAO Kong Phan sold 3,947 shares of Confluent stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the transaction, the chief accounting officer now directly owns 179,939 shares in the company, valued at approximately $5,171,446.86. This trade represents a 2.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CMO Stephanie Buscemi sold 5,271 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $148,800.33. Following the completion of the transaction, the chief marketing officer now directly owns 144,373 shares in the company, valued at approximately $4,075,649.79. The trade was a 3.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,508,636 shares of company stock valued at $47,198,798 over the last quarter. 13.82% of the stock is currently owned by insiders.

Institutional Trading of Confluent

Hedge funds and other institutional investors have recently made changes to their positions in the company. Commonwealth Equity Services LLC increased its position in Confluent by 4.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock worth $323,000 after purchasing an additional 458 shares during the period. EP Wealth Advisors LLC boosted its stake in shares of Confluent by 3.6% in the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock valued at $293,000 after buying an additional 503 shares in the last quarter. Truist Financial Corp grew its holdings in Confluent by 2.5% during the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock worth $589,000 after acquiring an additional 514 shares during the period. Sit Investment Associates Inc. raised its position in Confluent by 0.5% in the fourth quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company’s stock worth $3,484,000 after acquiring an additional 680 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in Confluent by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 108,859 shares of the company’s stock valued at $3,044,000 after acquiring an additional 680 shares during the period. Hedge funds and other 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.