UBS Group Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its price target lifted by UBS Group from $26.00 to $34.00 in a report published on Wednesday,Benzinga reports. UBS Group currently has a neutral rating on the stock.

Several other research analysts also recently commented on the company. JPMorgan Chase & Co. increased their price objective on Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Wells Fargo & Company boosted their target price on Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday. Sanford C. Bernstein dropped their price target on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Royal Bank of Canada lifted their price objective on Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, TD Cowen boosted their price objective on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Confluent currently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Confluent Price Performance

NASDAQ:CFLT opened at $37.65 on Wednesday. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The company has a 50 day moving average price of $29.58 and a 200-day moving average price of $25.37. The firm has a market cap of $12.35 billion, a price-to-earnings ratio of -33.92 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data 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%. Equities research analysts forecast that Confluent will post -0.9 EPS for the current year.

Insider Activity at Confluent

In other news, CTO Chad Verbowski sold 13,414 shares of Confluent stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $378,677.22. Following the completion of the transaction, the chief technology officer now owns 483,393 shares in the company, valued at approximately $13,646,184.39. This trade represents a 2.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Matthew Craig Miller sold 541,850 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $30.32, for a total transaction of $16,428,892.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,508,636 shares of company stock worth $47,198,798. 13.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in shares of Confluent by 354.0% during the 4th 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 fourth quarter valued at $59,000. GAMMA Investing LLC lifted its holdings in 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 during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Confluent during the 3rd quarter worth about $68,000. Finally, AlphaQuest LLC increased its holdings in shares of Confluent by 22,112.5% in the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after acquiring an additional 3,538 shares during the last quarter. Institutional investors and hedge funds 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.