Confluent (NASDAQ:CFLT) Price Target Raised to $32.00

Confluent (NASDAQ:CFLT) had its target price upped by equities research analysts at Barclays from $29.00 to $32.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 22.04% from the company’s current price.

Several other research analysts also recently commented on CFLT. Evercore ISI cut their target price on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. Canaccord Genuity Group dropped their price target on Confluent from $35.00 to $34.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. JPMorgan Chase & Co. lifted their price target on Confluent from $25.00 to $26.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft dropped their price target on Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Finally, Loop Capital dropped their price target on Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $30.28.

Confluent Stock Up 0.2 %

Shares of NASDAQ CFLT opened at $26.22 on Thursday. Confluent has a 52 week low of $14.69 and a 52 week high of $35.07. The business has a 50-day simple moving average of $21.04 and a two-hundred day simple moving average of $24.67. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. The company has a market cap of $8.46 billion, a P/E ratio of -23.62 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.03. Confluent had a negative return on equity of 34.97% and a negative net margin of 38.35%. The business had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Research analysts anticipate that Confluent will post -0.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Confluent news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $20.01, for a total value of $187,593.75. Following the transaction, the director now directly owns 7,160 shares of the company’s stock, valued at $143,271.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the sale, the chief marketing officer now directly owns 161,673 shares in the company, valued at approximately $3,505,070.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the sale, the director now owns 7,160 shares in the company, valued at approximately $143,271.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 524,453 shares of company stock valued at $10,833,388 in the last ninety days. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of large investors have recently made changes to their positions in the business. William Blair Investment Management LLC bought a new stake in shares of Confluent during the second quarter valued at approximately $193,403,000. 1832 Asset Management L.P. bought a new stake in shares of Confluent during the first quarter valued at approximately $181,075,000. Champlain Investment Partners LLC bought a new stake in shares of Confluent during the first quarter valued at approximately $144,563,000. Price T Rowe Associates Inc. MD boosted its position in shares of Confluent by 17.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after purchasing an additional 2,587,169 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Confluent by 60.0% during the second quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock valued at $103,665,000 after purchasing an additional 1,316,804 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

About Confluent

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.