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

Confluent (NASDAQ:CFLT) had its target price upped by Needham & Company LLC from $28.00 to $31.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a buy rating on the stock.

CFLT has been the subject of a number of other research reports. JMP Securities reiterated a “market outperform” rating and set a $40.00 target price on shares of Confluent in a research note on Tuesday, October 29th. Canaccord Genuity Group lowered their price objective on Confluent from $35.00 to $34.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Sanford C. Bernstein dropped their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Evercore ISI decreased their target price on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. Finally, Citigroup upped their price target on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $30.39.

Confluent Price Performance

CFLT stock opened at $26.22 on Thursday. Confluent has a 1 year low of $14.69 and a 1 year high of $35.07. The firm has a market capitalization of $8.46 billion, a P/E ratio of -23.62 and a beta of 0.88. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. The business’s 50-day moving average is $21.04 and its two-hundred day moving average is $24.64.

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

Insider Buying and Selling

In other Confluent 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 transaction, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at approximately $10,770,775.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CTO Chad Verbowski sold 13,540 shares of the firm’s stock in a transaction dated 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 owns 496,807 shares in the company, valued at $10,770,775.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction that occurred 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 transaction, the chief marketing officer now owns 161,673 shares in the company, valued at $3,505,070.64. The trade was a 0.00 % decrease in their position. 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 three months. 13.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Confluent

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC grew its stake in shares of Confluent by 4.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 26,352 shares of the company’s stock worth $804,000 after purchasing an additional 1,062 shares during the period. Diversified Trust Co purchased a new position in Confluent in the first quarter valued at about $639,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Confluent by 1.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 366,116 shares of the company’s stock valued at $11,174,000 after acquiring an additional 5,362 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Confluent by 129.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 32,617 shares of the company’s stock worth $995,000 after acquiring an additional 18,391 shares in the last quarter. Finally, Smith Group Asset Management LLC purchased a new stake in shares of Confluent during the 1st quarter worth approximately $204,000. Institutional investors and hedge funds 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.