Confluent (NASDAQ:CFLT) Price Target Raised to $38.00

Confluent (NASDAQ:CFLT) had its price objective raised by Canaccord Genuity Group from $34.00 to $38.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also weighed in on the company. Truist Financial lifted their target price on Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Robert W. Baird increased their target price on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. TD Cowen lifted their price target on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Citigroup increased their price objective on shares of Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Finally, Piper Sandler boosted their price objective on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Confluent has an average rating of “Moderate Buy” and an average target price of $35.00.

Confluent Trading Down 3.8 %

Shares of CFLT opened at $34.85 on Wednesday. The stock has a fifty day moving average price of $29.67 and a two-hundred day moving average price of $25.52. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent has a 52-week low of $17.79 and a 52-week high of $37.90. The company has a market cap of $11.43 billion, a price-to-earnings ratio of -31.40 and a beta of 0.92.

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

Insiders Place Their Bets

In related news, insider Erica Schultz sold 9,467 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $267,253.41. Following the completion of the sale, the insider now directly owns 678,016 shares in the company, valued at $19,140,391.68. The trade was a 1.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Matthew Craig Miller sold 53,512 shares of the stock in a transaction on 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 a total of 1,508,636 shares of company stock valued at $47,198,798 over the last ninety days. 13.82% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

A number of institutional investors have recently bought and sold shares of the business. Caisse DE Depot ET Placement DU Quebec grew its position in shares of Confluent by 5.0% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 105,166 shares of the company’s stock worth $2,940,000 after purchasing an additional 4,986 shares in the last quarter. Talon Private Wealth LLC acquired a new stake in Confluent during the fourth quarter worth approximately $625,000. Comerica Bank grew its position in Confluent by 2,388.0% during the fourth quarter. Comerica Bank now owns 64,339 shares of the company’s stock worth $1,799,000 after buying an additional 61,753 shares in the last quarter. Jericho Capital Asset Management L.P. increased its stake in Confluent by 18.1% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock worth $83,880,000 after acquiring an additional 459,000 shares during the period. Finally, Paloma Partners Management Co raised its holdings in Confluent by 270.0% in the 4th quarter. Paloma Partners Management Co now owns 55,001 shares of the company’s stock valued at $1,538,000 after acquiring an additional 40,136 shares in the last quarter. Institutional investors 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.