Confluent (NASDAQ:CFLT) Price Target Raised to $37.00 at TD Cowen

Confluent (NASDAQ:CFLT) had its price objective increased by TD Cowen from $34.00 to $37.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

CFLT has been the subject of a number of other research reports. Canaccord Genuity Group raised shares of Confluent from a hold rating to a buy rating and lifted their price objective for the stock from $28.00 to $35.00 in a report on Wednesday. Wells Fargo & Company lifted their price target on shares of Confluent from $36.00 to $38.00 and gave the company an overweight rating in a report on Wednesday. Needham & Company LLC reiterated a buy rating and set a $38.00 price objective on shares of Confluent in a research note on Wednesday. Barclays lifted their target price on Confluent from $26.00 to $33.00 and gave the company an overweight rating in a research note on Thursday, February 8th. Finally, Truist Financial reiterated a buy rating and set a $36.00 price target (up from $33.00) on shares of Confluent in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $32.77.

Confluent Stock Up 12.8 %

NASDAQ:CFLT opened at $31.38 on Wednesday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. 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 has a one year low of $14.69 and a one year high of $41.22. The stock has a 50-day simple moving average of $30.20 and a 200 day simple moving average of $26.28.

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

Insider Transactions at Confluent

In related news, Director Michelangelo Volpi sold 637,268 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $31.73, for a total transaction of $20,220,513.64. Following the completion of the transaction, the director now owns 302,306 shares of the company’s stock, valued at $9,592,169.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Michelangelo Volpi sold 637,268 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $31.73, for a total transaction of $20,220,513.64. Following the completion of the sale, the director now directly owns 302,306 shares of the company’s stock, valued at $9,592,169.38. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Chad Verbowski sold 8,086 shares of Confluent stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total transaction of $252,283.20. Following the completion of the transaction, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,433,170 shares of company stock valued at $46,438,029. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Hedge funds have recently modified their holdings of the stock. Commonwealth Equity Services LLC raised its holdings in Confluent by 89.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 18,469 shares of the company’s stock worth $547,000 after buying an additional 8,712 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Confluent by 1.5% during the third quarter. Bank of New York Mellon Corp now owns 1,071,263 shares of the company’s stock valued at $31,720,000 after acquiring an additional 15,944 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Confluent in the 3rd quarter valued at approximately $894,000. IFM Investors Pty Ltd acquired a new position in Confluent in the 3rd quarter worth approximately $1,085,000. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Confluent during the 3rd quarter worth approximately $10,118,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.