Confluent (NASDAQ:CFLT) Price Target Raised to $38.00

Confluent (NASDAQ:CFLT) had its price target increased by Canaccord Genuity Group from $34.00 to $38.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

CFLT has been the subject of a number of other reports. Morgan Stanley reiterated an “equal weight” rating and issued a $30.00 target price (down from $33.00) on shares of Confluent in a research note on Thursday, January 16th. Stifel Nicolaus lifted their price objective on shares of Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Bank of America upped their price objective on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday. Wells Fargo & Company raised their target price on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Truist Financial upped their price target on Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $35.00.

Confluent Trading Up 25.1 %

NASDAQ CFLT opened at $37.65 on Wednesday. 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 1-year low of $17.79 and a 1-year high of $37.90. The firm’s fifty day simple moving average is $29.58 and its 200-day simple moving average is $25.37. The company has a market capitalization of $12.35 billion, a PE ratio of -33.92 and a beta of 0.92.

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

Insider Buying and Selling at Confluent

In related news, Director Matthew Craig Miller sold 53,512 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $33.64, for a total value of $1,800,143.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Kong Phan sold 2,096 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 $59,170.08. Following the transaction, the chief accounting officer now directly owns 190,680 shares in the company, valued at $5,382,896.40. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,508,636 shares of company stock valued at $47,198,798. 13.82% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

A number of large investors have recently bought and sold shares of CFLT. Blue Trust Inc. grew its holdings in shares of Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after buying an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Confluent during the 4th quarter worth approximately $59,000. GAMMA Investing LLC grew its stake in shares of Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after acquiring an additional 1,136 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Confluent in the third quarter valued at approximately $68,000. Finally, AlphaQuest LLC lifted its position in shares of Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock worth $99,000 after purchasing an additional 3,538 shares in the last quarter. 78.09% of the stock is owned by 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.