Confluent (NASDAQ:CFLT) Price Target Raised to $31.00 at Mizuho

Confluent (NASDAQ:CFLT) had its price objective hoisted by equities research analysts at Mizuho from $29.00 to $31.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s target price would indicate a potential upside of 11.71% from the company’s previous close.

A number of other equities research analysts have also commented on CFLT. Evercore ISI reduced their price target on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Bank of America reduced their target price on Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a report on Thursday, August 1st. TD Cowen decreased their target price on shares of Confluent from $31.00 to $27.00 and set a “buy” rating for the company in a research report on Friday, September 20th. Wolfe Research upgraded shares of Confluent to a “strong-buy” rating in a research report on Wednesday, September 18th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 price objective on shares of Confluent in a research note on Tuesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Confluent has a consensus rating of “Moderate Buy” and an average price target of $30.03.

Confluent Price Performance

CFLT stock traded up $4.68 during trading on Thursday, reaching $27.75. 3,378,492 shares of the company were exchanged, compared to its average volume of 4,295,940. The company has a 50-day moving average of $20.84 and a two-hundred day moving average of $24.67. The company has a market capitalization of $8.96 billion, a price-to-earnings ratio of -24.03 and a beta of 0.88. Confluent has a twelve month low of $14.69 and a twelve month high of $35.07. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. The firm had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. As a group, equities analysts predict that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Activity

In related news, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the sale, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,561,071.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Stephanie Buscemi sold 3,866 shares of the company’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 $83,814.88. Following the completion of the transaction, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at $3,505,070.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 524,453 shares of company stock worth $10,833,388 over the last 90 days. 13.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Confluent

A number of hedge funds and other institutional investors have recently made changes to their positions in CFLT. Janney Capital Management LLC raised its position in Confluent by 52.2% in the third quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock worth $406,000 after acquiring an additional 6,842 shares during the period. US Bancorp DE increased its stake in shares of Confluent by 307.7% during the 3rd quarter. US Bancorp DE now owns 16,702 shares of the company’s stock worth $340,000 after purchasing an additional 12,605 shares during the last quarter. Lake Street Advisors Group LLC increased its stake in shares of Confluent by 14.0% during the 3rd quarter. Lake Street Advisors Group LLC now owns 18,481 shares of the company’s stock worth $377,000 after purchasing an additional 2,263 shares during the last quarter. SWS Partners bought a new stake in shares of Confluent in the 3rd quarter worth approximately $802,000. Finally, Creative Planning lifted its stake in Confluent by 109.9% in the third quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after purchasing an additional 49,699 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.