Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Confluent (NASDAQ:CFLT) had its price target raised by Stifel Nicolaus from $34.00 to $37.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also issued reports on CFLT. Scotiabank boosted their price target on shares of Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. Truist Financial boosted their target price on shares of Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Evercore ISI cut their price target on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Wolfe Research upgraded Confluent to a “strong-buy” rating in a research report on Wednesday, September 18th. Finally, Robert W. Baird increased their price objective on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $32.23.

Confluent Stock Up 5.2 %

CFLT opened at $29.98 on Wednesday. Confluent has a twelve month low of $17.79 and a twelve month high of $35.07. The company’s 50-day moving average price is $27.77 and its two-hundred day moving average price is $24.80. The stock has a market cap of $9.83 billion, a price-to-earnings ratio of -27.01 and a beta of 0.88. 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 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. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The company had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. As a group, equities analysts expect that Confluent will post -0.9 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Chad Verbowski sold 13,414 shares of Confluent stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $378,677.22. Following the sale, the chief technology officer now directly owns 483,393 shares in the company, valued at $13,646,184.39. The trade was a 2.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lara Caimi sold 34,500 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $31.32, for a total value of $1,080,540.00. Following the completion of the sale, the director now directly owns 7,160 shares in the company, valued at approximately $224,251.20. The trade was a 82.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,580,765 shares of company stock valued at $132,815,499 over the last ninety days. 13.82% of the stock is owned by insiders.

Institutional Trading of Confluent

Hedge funds have recently modified their holdings of the business. EP Wealth Advisors LLC lifted its position in Confluent by 3.6% during the 3rd quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock valued at $293,000 after acquiring an additional 503 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Confluent by 9.6% during the second quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company’s stock valued at $374,000 after purchasing an additional 1,113 shares during the last quarter. Truist Financial Corp boosted its position in shares of Confluent by 5.3% in the 2nd quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock worth $721,000 after purchasing an additional 1,238 shares in the last quarter. Elo Mutual Pension Insurance Co grew its stake in shares of Confluent by 8.4% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 18,643 shares of the company’s stock worth $551,000 after buying an additional 1,448 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in shares of Confluent by 14.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 13,800 shares of the company’s stock worth $408,000 after buying an additional 1,700 shares during 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.