Analysts Set Confluent, Inc. (NASDAQ:CFLT) Target Price at $30.74

Shares of Confluent, Inc. (NASDAQ:CFLT) have been given a consensus recommendation of “Moderate Buy” by the twenty-eight research firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $30.88.

A number of equities research analysts recently weighed in on CFLT shares. Mizuho boosted their price target on shares of Confluent from $29.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Citigroup boosted their price target on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. JMP Securities reissued a “market outperform” rating and issued a $40.00 price target on shares of Confluent in a research report on Tuesday, October 29th. Truist Financial reissued a “buy” rating and issued a $30.00 price target (down from $36.00) on shares of Confluent in a research report on Thursday, August 1st. Finally, Evercore ISI dropped their price objective 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.

Insiders Place Their Bets

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,045,235.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,045,235.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Rohan Sivaram sold 22,926 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $497,035.68. Following the completion of the sale, the chief financial officer now directly owns 555,337 shares in the company, valued at $12,039,706.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,041,895 shares of company stock worth $53,318,197. 13.82% of the stock is owned by company insiders.

Institutional Trading of Confluent

Several institutional investors and hedge funds have recently modified their holdings of the business. Bridgewater Associates LP lifted its holdings in shares of Confluent by 1,325.2% in the third quarter. Bridgewater Associates LP now owns 281,093 shares of the company’s stock valued at $5,729,000 after purchasing an additional 261,370 shares in the last quarter. Quantbot Technologies LP lifted its holdings in shares of Confluent by 1,465.6% in the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock valued at $617,000 after purchasing an additional 28,360 shares in the last quarter. Qsemble Capital Management LP lifted its holdings in shares of Confluent by 195.7% in the third quarter. Qsemble Capital Management LP now owns 118,994 shares of the company’s stock valued at $2,425,000 after purchasing an additional 78,746 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Confluent in the third quarter valued at about $2,535,000. Finally, Algert Global LLC purchased a new stake in shares of Confluent in the third quarter valued at about $1,775,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Price Performance

Confluent stock opened at $29.00 on Thursday. The company has a fifty day simple moving average of $21.89 and a 200-day simple moving average of $24.56. Confluent has a 12-month low of $17.79 and a 12-month high of $35.07. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping 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 34.05%. The business had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Research analysts expect that Confluent will post -0.9 EPS for the current year.

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.