Truist Financial Boosts Confluent (NASDAQ:CFLT) Price Target to $35.00

Confluent (NASDAQ:CFLT) had its price target hoisted by Truist Financial from $32.00 to $35.00 in a research note issued to investors on Thursday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other analysts have also commented on CFLT. Baird R W upgraded Confluent to a “hold” rating in a report on Wednesday, September 4th. Citigroup lifted their target price on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Wells Fargo & Company increased their price target on shares of Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Mizuho lifted their price objective on shares of Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. increased their target price on shares of Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $32.04.

Confluent Trading Down 0.2 %

Shares of Confluent stock opened at $31.25 on Thursday. The company has a market capitalization of $10.25 billion, a P/E ratio of -28.22 and a beta of 0.88. The stock has a fifty day simple moving average of $26.66 and a 200 day simple moving average of $24.72. Confluent has a 12-month low of $17.79 and a 12-month high of $35.07. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The firm had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. On average, sell-side analysts anticipate that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Activity

In other Confluent news, CMO Stephanie Buscemi sold 164,123 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $26.24, for a total transaction of $4,306,587.52. Following the sale, the chief marketing officer now owns 149,644 shares in the company, valued at $3,926,658.56. This trade represents a 52.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chad Verbowski sold 13,414 shares of Confluent stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $378,677.22. Following the sale, the chief technology officer now directly owns 483,393 shares of the company’s stock, valued at approximately $13,646,184.39. This trade represents a 2.70 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,533,995 shares of company stock worth $131,348,784. 13.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Confluent

Large investors have recently modified their holdings of the company. V Square Quantitative Management LLC bought a new stake in shares of Confluent in the 2nd quarter worth approximately $68,000. Point72 Hong Kong Ltd bought a new position in shares of Confluent during the third quarter valued at about $68,000. Acadian Asset Management LLC purchased a new position in shares of Confluent in the second quarter worth about $175,000. Plato Investment Management Ltd boosted its holdings in Confluent by 2,184.1% during the 2nd quarter. Plato Investment Management Ltd now owns 6,601 shares of the company’s stock valued at $195,000 after acquiring an additional 6,312 shares during the period. Finally, Oppenheimer Asset Management Inc. bought a new position in Confluent during the 3rd quarter worth approximately $214,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.