Confluent (NASDAQ:CFLT) Given New $38.00 Price Target at Wells Fargo & Company

Confluent (NASDAQ:CFLT) had its price target upped by Wells Fargo & Company from $36.00 to $38.00 in a report published on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts have also commented on the company. Barclays lifted their target price on Confluent from $26.00 to $33.00 and gave the stock an overweight rating in a report on Thursday, February 8th. Stifel Nicolaus began coverage on Confluent in a report on Wednesday, February 21st. They set a buy rating and a $40.00 price target on the stock. UBS Group raised their price objective on shares of Confluent from $21.00 to $26.00 and gave the stock a neutral rating in a report on Monday, February 5th. DA Davidson reiterated a buy rating and set a $37.00 target price on shares of Confluent in a research report on Monday, April 1st. Finally, Needham & Company LLC reiterated a buy rating and issued a $38.00 price target on shares of Confluent in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Confluent currently has a consensus rating of Moderate Buy and a consensus target price of $32.77.

Confluent Trading Up 12.8 %

Confluent stock opened at $31.38 on Wednesday. Confluent has a 12 month low of $14.69 and a 12 month high of $41.22. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. The business’s fifty day simple moving average is $30.20 and its two-hundred day simple moving average is $26.28. The company has a market capitalization of $9.81 billion, a price-to-earnings ratio of -21.35 and a beta of 0.93.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The firm had revenue of $213.18 million during the quarter, compared to the consensus estimate of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. As a group, equities analysts predict that Confluent will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Ying Christina Liu sold 4,109 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $132,104.35. Following the transaction, the chief accounting officer now owns 123,497 shares of the company’s stock, valued at $3,970,428.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CMO Stephanie Buscemi sold 2,724 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $87,576.60. Following the sale, the chief marketing officer now directly owns 109,002 shares in the company, valued at approximately $3,504,414.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ying Christina Liu sold 4,109 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total transaction of $132,104.35. Following the sale, the chief accounting officer now directly owns 123,497 shares of the company’s stock, valued at approximately $3,970,428.55. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,433,170 shares of company stock valued at $46,438,029. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd raised its stake in Confluent by 1.9% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock valued at $448,000 after buying an additional 359 shares during the last quarter. Fifth Third Bancorp grew its position in Confluent by 5.0% during the 4th quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock worth $274,000 after purchasing an additional 556 shares during the last quarter. Rhumbline Advisers increased its stake in Confluent by 0.3% during the 3rd quarter. Rhumbline Advisers now owns 243,828 shares of the company’s stock valued at $7,220,000 after purchasing an additional 629 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Confluent by 6.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the company’s stock worth $264,000 after buying an additional 700 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its stake in shares of Confluent by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock worth $1,921,000 after buying an additional 800 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.