Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, Piper Sandler Analyst Says

Confluent (NASDAQ:CFLT) had its price target upped by equities researchers at Piper Sandler from $32.00 to $35.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s target price points to a potential upside of 21.53% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Sanford C. Bernstein lowered their price target on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. JPMorgan Chase & Co. increased 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. Mizuho boosted their price target on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Citigroup increased their price objective on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Finally, TD Cowen lifted their target price on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.46.

Confluent Stock Performance

Shares of NASDAQ CFLT opened at $28.80 on Monday. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $9.45 billion, a P/E ratio of -25.95 and a beta of 0.91. Confluent has a 12 month low of $17.79 and a 12 month high of $35.07. The stock has a 50 day moving average of $29.41 and a 200-day moving average of $24.96.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. The firm had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. As a group, equities research analysts predict that Confluent will post -0.9 EPS for the current year.

Insider Transactions at Confluent

In related news, Director Matthew Craig Miller sold 53,512 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $33.64, for a total transaction of $1,800,143.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Kong Phan sold 3,947 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the transaction, the chief accounting officer now directly owns 179,939 shares of the company’s stock, valued at approximately $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 sold 4,584,712 shares of company stock valued at $132,928,936. 13.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Confluent

Several hedge funds have recently added to or reduced their stakes in the business. William Blair Investment Management LLC bought a new position in shares of Confluent during the second quarter valued at $193,403,000. Champlain Investment Partners LLC increased its holdings in Confluent by 72.2% in the third 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. increased its holdings in Confluent by 28.4% in the second 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. Fiera Capital Corp acquired a new position in Confluent during the 3rd quarter worth about $21,127,000. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in Confluent by 46.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock worth $51,224,000 after buying an additional 802,353 shares during the period. 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.