Confluent (NASDAQ:CFLT) Given New $40.00 Price Target at Piper Sandler

Confluent (NASDAQ:CFLT) had its target price hoisted by Piper Sandler from $35.00 to $40.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts have also recently weighed in on the company. Sanford C. Bernstein lowered their target price on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, October 25th. UBS Group upped their price objective on shares of Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. increased their target price on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Needham & Company LLC boosted their price target on shares of Confluent from $31.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Mizuho increased their price objective on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Confluent Trading Up 25.1 %

Shares of CFLT opened at $37.65 on Wednesday. The firm has a market capitalization of $12.35 billion, a price-to-earnings ratio of -33.92 and a beta of 0.92. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90. The company has a 50-day moving average of $29.58 and a 200 day moving average of $25.37.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. On average, research analysts expect that Confluent will post -0.9 EPS for the current year.

Insider Buying and Selling

In related news, CAO Kong Phan sold 3,947 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the transaction, the chief accounting officer now owns 179,939 shares in the company, valued at $5,171,446.86. This trade represents a 2.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Matthew Craig Miller sold 53,512 shares of Confluent stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $33.64, for a total value of $1,800,143.68. The disclosure for this sale can be found here. Insiders sold 1,508,636 shares of company stock worth $47,198,798 in the last three months. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. lifted its stake in Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after acquiring an additional 1,607 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of Confluent during the fourth quarter worth $59,000. Point72 Hong Kong Ltd acquired a new position in Confluent during the third quarter valued at $68,000. GAMMA Investing LLC boosted its holdings in Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after purchasing an additional 1,136 shares during the last quarter. Finally, AlphaQuest LLC grew its position in Confluent by 22,112.5% during the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock worth $99,000 after purchasing an additional 3,538 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.