Truist Financial Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its price target boosted by investment analysts at Truist Financial from $35.00 to $40.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target points to a potential upside of 9.46% from the stock’s previous close.

Other analysts have also issued research reports about the company. Guggenheim lifted their price objective on Confluent from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. Citigroup lifted their price objective on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Sanford C. Bernstein decreased their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Barclays lifted their price objective on Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Canaccord Genuity Group lifted their price objective on Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and a consensus target price of $34.93.

Confluent Stock Performance

CFLT traded up $6.44 during midday trading on Wednesday, reaching $36.54. The company’s stock had a trading volume of 12,154,505 shares, compared to its average volume of 4,591,249. The stock has a market cap of $11.99 billion, a P/E ratio of -32.94 and a beta of 0.92. The company has a fifty day simple moving average of $29.49 and a 200 day simple moving average of $25.28. 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 has a twelve month low of $17.79 and a twelve month high of $36.62.

Confluent (NASDAQ:CFLT) last released its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) 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%. Research analysts expect that Confluent will post -0.9 earnings per share for the current year.

Insider Activity

In other news, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $27.40, for a total value of $1,746,174.60. Following the completion of the transaction, the insider now directly owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. This trade represents a 8.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Chad Verbowski sold 13,414 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $378,677.22. Following the completion of the sale, the chief technology officer now directly owns 483,393 shares of the company’s stock, valued at $13,646,184.39. The trade was a 2.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,508,636 shares of company stock worth $47,198,798. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Commonwealth Equity Services LLC lifted its stake in Confluent by 4.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock valued at $323,000 after purchasing an additional 458 shares during the last quarter. EP Wealth Advisors LLC increased its stake in 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 acquiring an additional 503 shares during the last quarter. Truist Financial Corp increased its stake in Confluent by 2.5% in the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock valued at $589,000 after acquiring an additional 514 shares during the last quarter. GAMMA Investing LLC boosted its position in Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after buying an additional 1,136 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its position in Confluent by 8.0% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 15,281 shares of the company’s stock valued at $472,000 after buying an additional 1,137 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.