Evercore ISI Forecasts Strong Price Appreciation for Confluent (NASDAQ:CFLT) Stock

Confluent (NASDAQ:CFLT) had its target price lifted by investment analysts at Evercore ISI from $32.00 to $40.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s target price suggests a potential upside of 32.89% from the company’s current price.

Several other brokerages have also recently weighed in on CFLT. Morgan Stanley reissued an “equal weight” rating and set a $30.00 price target (down previously from $33.00) on shares of Confluent in a research report on Thursday, January 16th. Sanford C. Bernstein dropped their target price on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Royal Bank of Canada raised their target price on Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. TD Cowen upped their price target on Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC lifted their price objective on Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $33.59.

Confluent Stock Down 4.3 %

CFLT opened at $30.10 on Wednesday. Confluent has a 12 month low of $17.79 and a 12 month high of $35.07. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The business’s 50-day moving average price is $29.49 and its 200-day moving average price is $25.28. The company has a market cap of $9.87 billion, a P/E ratio of -27.12 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last posted its quarterly 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 return on equity of 34.05% and a negative net margin of 38.35%. On average, equities analysts expect that Confluent will post -0.9 EPS for the current year.

Insider Transactions at Confluent

In other news, CTO Chad Verbowski sold 13,414 shares of Confluent stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $378,677.22. Following the completion of the transaction, the chief technology officer now owns 483,393 shares of the company’s stock, valued at $13,646,184.39. The trade was 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, CAO Kong Phan sold 3,947 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $28.74, for a total transaction of $113,436.78. Following the sale, the chief accounting officer now directly owns 179,939 shares in the company, valued at $5,171,446.86. This trade represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,508,636 shares of company stock valued at $47,198,798 in the last ninety days. 13.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Confluent

Institutional investors and hedge funds have recently made changes to their positions in the company. Champlain Investment Partners LLC lifted its position in Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after acquiring an additional 4,486,841 shares in the last quarter. Fiera Capital Corp purchased a new position in shares of Confluent in the third quarter worth $21,127,000. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Confluent by 46.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock valued at $51,224,000 after purchasing an additional 802,353 shares in the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of Confluent during the fourth quarter valued at $20,061,000. Finally, Vanguard Group Inc. increased its holdings in Confluent by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock worth $694,207,000 after buying an additional 599,582 shares in the last quarter. 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.