Royal Bank of Canada Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its target price upped by equities researchers at Royal Bank of Canada from $36.00 to $41.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 12.69% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Truist Financial lifted their price objective on shares of Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Stifel Nicolaus raised their target price on shares of Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday. Robert W. Baird raised their price target on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 target price on shares of Confluent in a research report on Tuesday, October 29th. Finally, TD Cowen boosted 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 investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and an average price target of $34.44.

Confluent Stock Up 20.9 %

Confluent stock traded up $6.28 during midday trading on Wednesday, hitting $36.38. 9,321,713 shares of the company were exchanged, compared to its average volume of 4,480,649. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $36.48. The company’s fifty day moving average price is $29.49 and its 200-day moving average price is $25.28. The company has a market cap of $11.93 billion, a PE ratio of -32.80 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share 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%. On average, research analysts predict that Confluent will post -0.9 EPS for the current fiscal year.

Insider Transactions at Confluent

In other Confluent news, CAO Kong Phan sold 2,096 shares of the stock in a transaction 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 owns 190,680 shares in the company, valued at $5,382,896.40. This trade represents a 1.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $27.40, for a total value of $1,746,174.60. Following the sale, the insider now owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. The trade was a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,508,636 shares of company stock valued at $47,198,798 in the last ninety days. 13.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Confluent

Large investors have recently bought and sold shares of the company. Blue Trust Inc. grew its stake in shares of Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after purchasing an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Confluent in the 4th quarter valued at $59,000. Point72 Hong Kong Ltd bought a new stake in Confluent during the third quarter worth $68,000. GAMMA Investing LLC lifted its position 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 buying an additional 1,136 shares in the last quarter. Finally, AlphaQuest LLC boosted its position in 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 during the last quarter. 78.09% of the stock is currently 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.