Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, TD Cowen Analyst Says

Confluent (NASDAQ:CFLT) had its price objective increased by TD Cowen from $27.00 to $31.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price target points to a potential upside of 18.23% from the stock’s current price.

A number of other brokerages have also weighed in on CFLT. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 price target on shares of Confluent in a research note on Tuesday. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Evercore ISI decreased their target price on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. Stifel Nicolaus decreased their target price on shares of Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Finally, Baird R W raised shares of Confluent to a “hold” rating in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.28.

Confluent Trading Up 0.2 %

Shares of Confluent stock opened at $26.22 on Thursday. The firm has a market capitalization of $8.46 billion, a PE ratio of -23.62 and a beta of 0.88. Confluent has a twelve month low of $14.69 and a twelve month high of $35.07. The firm’s 50-day moving average price is $21.04 and its 200 day moving average price is $24.67. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. The firm had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.97%. On average, sell-side analysts predict that Confluent will post -0.95 EPS for the current fiscal year.

Insider Activity at Confluent

In related news, CTO Chad Verbowski sold 13,540 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $293,547.20. Following the completion of the sale, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at $10,770,775.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CTO Chad Verbowski sold 13,540 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $293,547.20. Following the completion of the sale, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at $10,770,775.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Erica Schultz sold 9,556 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $207,174.08. Following the completion of the sale, the insider now directly owns 687,483 shares of the company’s stock, valued at approximately $14,904,631.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 524,453 shares of company stock valued at $10,833,388 over the last ninety days. Insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Institutional investors and hedge funds have recently made changes to their positions in the business. Hollencrest Capital Management purchased a new stake in shares of Confluent in the first quarter valued at about $26,000. V Square Quantitative Management LLC purchased a new stake in shares of Confluent in the second quarter valued at about $68,000. UniSuper Management Pty Ltd raised its holdings in shares of Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after buying an additional 1,500 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after buying an additional 859 shares during the last quarter. Finally, Lazard Asset Management LLC raised its holdings in shares of Confluent by 25.5% in the first quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock valued at $175,000 after buying an additional 1,167 shares during the last quarter. 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.