Confluent (NASDAQ:CFLT) Price Target Raised to $27.00 at Scotiabank

Confluent (NASDAQ:CFLT) had its target price hoisted by Scotiabank from $25.00 to $27.00 in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has a sector perform rating on the stock.

Several other equities analysts have also recently issued reports on the company. Piper Sandler lowered their price objective on Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Citigroup increased their price target on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday. Wolfe Research raised Confluent to a “strong-buy” rating in a report on Wednesday, September 18th. Truist Financial reissued a “buy” rating and set a $30.00 price target (down from $36.00) on shares of Confluent in a report on Thursday, August 1st. Finally, Evercore ISI lowered their price target on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.28.

Confluent Stock Up 1.3 %

Shares of Confluent stock traded up $0.33 during midday trading on Thursday, hitting $26.50. The company had a trading volume of 1,408,225 shares, compared to its average volume of 4,331,277. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. The stock has a market capitalization of $8.55 billion, a P/E ratio of -23.40 and a beta of 0.88. The company has a 50 day moving average of $20.94 and a 200 day moving average of $24.69. Confluent has a 52-week low of $14.69 and a 52-week high of $35.07.

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

Insiders Place Their Bets

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the sale, the chief executive officer now owns 452,488 shares in the company, valued at $9,045,235.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Confluent news, insider Erica Schultz sold 9,556 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 $207,174.08. Following the sale, the insider now owns 687,483 shares in the company, valued at $14,904,631.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,045,235.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 524,453 shares of company stock worth $10,833,388 over the last quarter. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of hedge funds and other institutional investors have recently made changes to their positions in CFLT. William Blair Investment Management LLC bought a new position in shares of Confluent during the 2nd quarter worth $193,403,000. 1832 Asset Management L.P. bought a new position in shares of Confluent during the 1st quarter worth $181,075,000. Champlain Investment Partners LLC bought a new position in shares of Confluent during the 1st quarter worth $144,563,000. Price T Rowe Associates Inc. MD grew its position in shares of Confluent by 17.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock worth $536,601,000 after buying an additional 2,587,169 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Confluent by 60.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock worth $103,665,000 after buying an additional 1,316,804 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.