JPMorgan Chase & Co. Increases Confluent (NASDAQ:CFLT) Price Target to $38.00

Confluent (NASDAQ:CFLT) had its target price boosted by analysts at JPMorgan Chase & Co. from $35.00 to $38.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 20.44% from the company’s current price.

A number of other equities analysts have also recently weighed in on the company. Wolfe Research raised Confluent to a “strong-buy” rating in a report on Wednesday, September 18th. DA Davidson reissued a “buy” rating and issued a $30.00 price target on shares of Confluent in a report on Wednesday, September 18th. Barclays boosted their price target on Confluent from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Scotiabank boosted their price target on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a report on Thursday, October 31st. Finally, Mizuho upped their target price on Confluent from $29.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $31.69.

Confluent Stock Performance

Confluent stock traded up $0.27 during mid-day trading on Wednesday, reaching $31.55. 1,449,493 shares of the company were exchanged, compared to its average volume of 4,345,556. Confluent has a twelve month low of $17.79 and a twelve month high of $35.07. The firm’s 50-day simple moving average is $26.17 and its two-hundred day simple moving average is $24.63. 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 firm has a market cap of $10.35 billion, a PE ratio of -28.36 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The firm had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. Equities analysts predict that Confluent will post -0.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Matthew Craig Miller sold 347,646 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $32.69, for a total value of $11,364,547.74. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michelangelo Volpi sold 477,952 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $26.41, for a total transaction of $12,622,712.32. Following the transaction, the director now owns 317,079 shares in the company, valued at $8,374,056.39. This represents a 60.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,470,266 shares of company stock valued at $129,329,849. 13.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Confluent

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. William Blair Investment Management LLC purchased a new stake in shares of Confluent during the 2nd quarter worth approximately $193,403,000. Champlain Investment Partners LLC boosted its holdings in Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after purchasing an additional 4,486,841 shares during the period. 1832 Asset Management L.P. boosted its holdings in Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after purchasing an additional 1,684,100 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Confluent by 60.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock worth $103,665,000 after acquiring an additional 1,316,804 shares during the last quarter. Finally, Fiera Capital Corp bought a new stake in shares of Confluent during the 3rd quarter worth $21,127,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.