Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Confluent (NASDAQ:CFLT) had its price target increased by analysts at Wells Fargo & Company from $40.00 to $42.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 16.56% from the stock’s current price.

Several other equities analysts have also weighed in on CFLT. Stifel Nicolaus boosted their target price on shares of Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday. 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. JPMorgan Chase & Co. boosted their target price on shares of Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Guggenheim boosted their target price on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Needham & Company LLC boosted their price target on shares of Confluent from $31.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Confluent presently has an average rating of “Moderate Buy” and a consensus price target of $33.96.

Confluent Price Performance

CFLT traded up $5.93 on Wednesday, reaching $36.03. 7,547,359 shares of the company’s stock were exchanged, compared to its average volume of 4,395,159. The stock has a market cap of $11.82 billion, a PE ratio of -32.46 and a beta of 0.92. Confluent has a twelve month low of $17.79 and a twelve month high of $35.85. The stock’s fifty day moving average price is $29.49 and its 200-day moving average price is $25.28. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. Sell-side analysts expect that Confluent will post -0.9 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Kong Phan sold 3,947 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the transaction, the chief accounting officer now owns 179,939 shares in the company, valued at approximately $5,171,446.86. This represents a 2.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the completion of the transaction, the insider now owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. The trade was a 8.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,508,636 shares of company stock worth $47,198,798 in the last 90 days. Corporate insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Quantbot Technologies LP boosted its holdings in shares of Confluent by 1,465.6% in the 3rd quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock valued at $617,000 after buying an additional 28,360 shares in the last quarter. Pathway Capital Management LP acquired a new stake in Confluent during the 3rd quarter worth $918,000. Charles Schwab Investment Management Inc. boosted its stake in Confluent by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after purchasing an additional 64,926 shares during the period. Creative Planning boosted its stake in Confluent by 109.9% during the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after purchasing an additional 49,699 shares during the period. Finally, Oppenheimer & Co. Inc. boosted its stake in Confluent by 152.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock worth $1,398,000 after purchasing an additional 41,431 shares during the period. Institutional investors and hedge funds 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.