Analysts Set Confluent, Inc. (NASDAQ:CFLT) PT at $35.33

Shares of Confluent, Inc. (NASDAQ:CFLT) have earned an average recommendation of “Moderate Buy” from the thirty research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $35.33.

CFLT has been the subject of a number of analyst reports. Bank of America increased their target price on Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 12th. Royal Bank of Canada upped their price target on Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Truist Financial increased their target price on Confluent from $35.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Guggenheim increased their target price on Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company lifted their price objective on Confluent from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th.

Confluent Stock Up 2.2 %

CFLT opened at $26.36 on Wednesday. The business has a 50 day moving average price of $29.66 and a two-hundred day moving average price of $26.82. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The company has a market cap of $8.80 billion, a PE ratio of -24.41 and a beta of 0.90. Confluent has a 52 week low of $17.79 and a 52 week high of $37.90.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. As a group, research analysts anticipate that Confluent will post -0.83 EPS for the current year.

Insider Buying and Selling

In related news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $29.36, for a total value of $6,826,200.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at approximately $13,285,047.68. The trade was a 33.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Kong Phan sold 3,947 shares of the company’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 179,939 shares in the company, valued at $5,171,446.86. The trade was a 2.15 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,201,518 shares of company stock worth $38,533,306. 13.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Confluent

Several institutional investors and hedge funds have recently bought and sold shares of CFLT. Credit Industriel ET Commercial acquired a new stake in Confluent during the fourth quarter valued at approximately $28,000. 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 valued at $58,000 after purchasing an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Confluent during the fourth quarter valued at approximately $59,000. Point72 Hong Kong Ltd bought a new position in shares of Confluent during the third quarter valued at approximately $68,000. Finally, GAMMA Investing LLC grew its holdings in shares of Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after purchasing an additional 1,136 shares during the last quarter. 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.