Barclays Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its price objective hoisted by Barclays from $32.00 to $35.00 in a report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently weighed in on CFLT. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 price objective on shares of Confluent in a research report on Friday, November 15th. Baird R W raised Confluent to a “hold” rating in a report on Wednesday, September 4th. Citigroup increased their price objective on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. TD Cowen lifted their target price on Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, DA Davidson reissued a “buy” rating and issued a $30.00 price target on shares of Confluent in a research note on Wednesday, September 18th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Confluent has an average rating of “Moderate Buy” and a consensus price target of $31.23.

Confluent Price Performance

CFLT opened at $33.66 on Friday. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The company’s 50-day moving average price is $25.40 and its 200 day moving average price is $24.70. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $35.07. The firm has a market cap of $11.04 billion, a price-to-earnings ratio of -30.32 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results 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. The business 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 34.05% and a negative net margin of 38.35%. As a group, sell-side analysts expect that Confluent will post -0.9 earnings per share for the current year.

Insider Transactions at Confluent

In other Confluent news, CMO Stephanie Buscemi sold 164,123 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $26.24, for a total value of $4,306,587.52. Following the completion of the sale, the chief marketing officer now owns 149,644 shares in the company, valued at $3,926,658.56. This represents a 52.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michelangelo Volpi sold 50,000 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $25.92, for a total transaction of $1,296,000.00. Following the transaction, the director now owns 280,200 shares in the company, valued at approximately $7,262,784. This represents a 15.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,069,108 shares of company stock valued at $116,165,158 over the last quarter. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several institutional investors and hedge funds have recently modified their holdings of CFLT. William Blair Investment Management LLC bought a new stake in shares of Confluent during the 2nd quarter worth about $193,403,000. Champlain Investment Partners LLC boosted its position in Confluent by 72.2% during the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after purchasing an additional 4,486,841 shares during the period. 1832 Asset Management L.P. grew its holdings in Confluent by 28.4% during the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after purchasing an additional 1,684,100 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Confluent by 60.0% in the second quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock valued at $103,665,000 after purchasing an additional 1,316,804 shares during the period. Finally, Fiera Capital Corp acquired a new stake in shares of Confluent in the third quarter worth $21,127,000. 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.