Confluent (NASDAQ:CFLT) Price Target Raised to $37.00

Confluent (NASDAQ:CFLT) had its target price increased by Barclays from $35.00 to $37.00 in a report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also issued reports on CFLT. Citigroup upped their price target on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. raised their target price on Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. 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 report on Wednesday. Guggenheim upped their price objective on shares of Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a report on Friday, January 31st. Finally, Mizuho lifted their target price on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $35.00.

Confluent Stock Down 3.8 %

NASDAQ CFLT opened at $34.85 on Wednesday. Confluent has a one year low of $17.79 and a one year high of $37.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. The business has a fifty day moving average price of $29.67 and a 200 day moving average price of $25.52. The company has a market cap of $11.43 billion, a P/E ratio of -31.40 and a beta of 0.92.

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

Insider Transactions at Confluent

In other news, CMO Stephanie Buscemi sold 5,271 shares of the company’s 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 $148,800.33. Following the completion of the sale, the chief marketing officer now owns 144,373 shares in the company, valued at $4,075,649.79. This represents a 3.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Kong Phan sold 2,096 shares of the stock in a transaction dated 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 of the company’s stock, valued at $5,382,896.40. This represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,508,636 shares of company stock worth $47,198,798. 13.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Confluent

A number of hedge funds and other institutional investors have recently modified their holdings of CFLT. Sanctuary Advisors LLC purchased a new position in Confluent during the 2nd quarter valued at about $462,000. Creative Planning increased its stake in shares of 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 in the last quarter. Lake Street Advisors Group LLC raised its position in shares of Confluent by 14.0% during the 3rd quarter. Lake Street Advisors Group LLC now owns 18,481 shares of the company’s stock worth $377,000 after purchasing an additional 2,263 shares during the last quarter. US Bancorp DE lifted its position in shares of Confluent by 307.7% in the third quarter. US Bancorp DE now owns 16,702 shares of the company’s stock valued at $340,000 after acquiring an additional 12,605 shares in the last quarter. Finally, Janney Capital Management LLC lifted its holdings in Confluent by 52.2% in the 3rd quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock valued at $406,000 after purchasing an additional 6,842 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.