Confluent (NASDAQ:CFLT) Price Target Raised to $35.00 at Scotiabank

Confluent (NASDAQ:CFLT) had its price target hoisted by Scotiabank from $27.00 to $35.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

A number of other research analysts have also recently weighed in on CFLT. Sanford C. Bernstein dropped their target price on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Bank of America upped their price objective on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday. Truist Financial raised their target price on Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Mizuho upped their price target on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Stifel Nicolaus increased their price target on Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.00.

Confluent Stock Performance

Shares of Confluent stock opened at $37.65 on Wednesday. The business’s fifty day simple moving average is $29.58 and its 200 day simple moving average is $25.37. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. The firm has a market capitalization of $12.35 billion, a P/E ratio of -33.92 and a beta of 0.92.

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

Insider Activity

In other news, CMO Stephanie Buscemi sold 5,271 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $148,800.33. Following the completion of the sale, the chief marketing officer now owns 144,373 shares of the company’s stock, valued at approximately $4,075,649.79. This represents a 3.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chad Verbowski sold 13,414 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $378,677.22. Following the sale, the chief technology officer now owns 483,393 shares of the company’s stock, valued at approximately $13,646,184.39. The trade was a 2.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,508,636 shares of company stock worth $47,198,798. 13.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Confluent

A number of large investors have recently bought and sold shares of CFLT. Landscape Capital Management L.L.C. bought a new stake in Confluent in the 4th quarter worth $1,409,000. Resolute Advisors LLC purchased a new stake in shares of Confluent in the 4th quarter worth about $273,000. ExodusPoint Capital Management LP purchased a new position in Confluent during the fourth quarter valued at $6,892,000. Trexquant Investment LP grew its holdings in shares of Confluent by 4,111.5% during the fourth quarter. Trexquant Investment LP now owns 652,193 shares of the company’s stock valued at $18,235,000 after buying an additional 636,707 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Confluent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock valued at $123,339,000 after buying an additional 84,163 shares during the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.