Confluent (NASDAQ:CFLT) Price Target Raised to $42.00

Confluent (NASDAQ:CFLT) had its target price hoisted by Wells Fargo & Company from $40.00 to $42.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities research analysts also recently issued reports about the company. JMP Securities reissued a “market outperform” rating and issued a $40.00 price objective on shares of Confluent in a research note on Tuesday, October 29th. TD Cowen increased their price target on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Robert W. Baird boosted their price objective on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Mizuho increased their target price on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Morgan Stanley restated an “equal weight” rating and set a $30.00 price target (down from $33.00) on shares of Confluent in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Confluent Stock Performance

Shares of CFLT opened at $34.85 on Wednesday. The company has a 50-day moving average of $29.67 and a two-hundred day moving average of $25.52. The stock has a market cap of $11.43 billion, a price-to-earnings ratio of -31.40 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 one year low of $17.79 and a one year high of $37.90.

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

Insider Buying and Selling at Confluent

In other news, CTO Chad Verbowski sold 13,414 shares of the company’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 sale, the chief technology officer now owns 483,393 shares of the company’s stock, valued at approximately $13,646,184.39. This represents a 2.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Erica Schultz sold 9,467 shares of Confluent stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $267,253.41. Following the transaction, the insider now directly owns 678,016 shares of the company’s stock, valued at $19,140,391.68. This represents a 1.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,508,636 shares of company stock worth $47,198,798 over the last three months. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several institutional investors have recently bought and sold shares of the business. Credit Industriel ET Commercial acquired a new stake in shares of Confluent in the fourth quarter valued at $28,000. Blue Trust Inc. increased its position in Confluent by 354.0% in 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 in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Confluent in the fourth quarter worth about $59,000. GAMMA Investing LLC lifted its position in shares of Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after purchasing an additional 1,136 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Confluent during the third quarter valued at approximately $68,000. 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.