Confluent (NASDAQ:CFLT) PT Raised to $44.00

Confluent (NASDAQ:CFLTGet Rating) had its price objective lifted by DA Davidson from $38.00 to $44.00 in a note issued to investors on Thursday, The Fly reports. DA Davidson’s price objective would suggest a potential upside of 30.45% from the stock’s current price.

A number of other research firms also recently weighed in on CFLT. Morgan Stanley upped their price target on Confluent from $39.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Thursday. Citigroup increased their price objective on Confluent from $26.00 to $32.00 in a research note on Thursday. Wells Fargo & Company increased their price objective on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday. Credit Suisse Group lowered their price objective on Confluent from $80.00 to $65.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, The Goldman Sachs Group reduced their target price on Confluent from $75.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, April 14th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $48.31.

Confluent Stock Up 4.3 %

Shares of NASDAQ:CFLT opened at $33.73 on Thursday. The company has a market capitalization of $9.39 billion, a price-to-earnings ratio of -20.69 and a beta of 1.30. The company has a debt-to-equity ratio of 1.29, a current ratio of 6.64 and a quick ratio of 6.64. The business’s 50-day moving average is $23.86 and its 200-day moving average is $35.04. Confluent has a 1 year low of $16.48 and a 1 year high of $94.97.

Confluent (NASDAQ:CFLTGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The company reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.01. Confluent had a negative return on equity of 48.98% and a negative net margin of 90.30%. The business had revenue of $126.10 million for the quarter, compared to the consensus estimate of $118.49 million. During the same period in the prior year, the business earned ($0.29) EPS. The firm’s revenue for the quarter was up 63.8% on a year-over-year basis. Equities research analysts predict that Confluent will post -1.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Brad Gerstner bought 32,853 shares of the company’s stock in a transaction on Wednesday, June 15th. The shares were purchased at an average price of $18.83 per share, for a total transaction of $618,621.99. Following the completion of the transaction, the insider now directly owns 14,456,310 shares in the company, valued at approximately $272,212,317.30. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Confluent news, major shareholder Brad Gerstner acquired 32,853 shares of the stock in a transaction that occurred on Wednesday, June 15th. The shares were bought at an average price of $18.83 per share, for a total transaction of $618,621.99. Following the completion of the transaction, the insider now owns 14,456,310 shares of the company’s stock, valued at approximately $272,212,317.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michelangelo Volpi sold 21,058 shares of the stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $18.28, for a total value of $384,940.24. The disclosure for this sale can be found here. Insiders have sold a total of 26,547 shares of company stock worth $485,245 over the last 90 days. Corporate insiders own 27.94% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of large investors have recently added to or reduced their stakes in CFLT. Fifth Third Bancorp purchased a new stake in Confluent during the fourth quarter valued at about $29,000. SP Asset Management bought a new position in shares of Confluent during the fourth quarter valued at about $219,000. Concentrum Wealth Management bought a new position in shares of Confluent during the fourth quarter valued at about $3,236,000. Advisor Group Holdings Inc. grew its stake in shares of Confluent by 82.1% during the fourth quarter. Advisor Group Holdings Inc. now owns 3,694 shares of the company’s stock valued at $270,000 after buying an additional 1,666 shares during the last quarter. Finally, Envestnet Asset Management Inc. bought a new position in shares of Confluent during the fourth quarter valued at about $739,000. Hedge funds and other institutional investors own 37.20% of the company’s stock.

About Confluent

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Confluent, Inc operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data in real-time with the foundational platform for data in motion.

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