Confluent (NASDAQ:CFLT) Price Target Raised to $35.00

Confluent (NASDAQ:CFLT) had its price objective increased by stock analysts at Truist Financial from $32.00 to $35.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 14.79% from the stock’s current price.

Several other research analysts have also commented on CFLT. Citigroup lifted their price target on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. UBS Group lifted their target price on shares of Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 target price on shares of Confluent in a report on Friday, November 15th. DA Davidson restated a “buy” rating and set a $30.00 price target on shares of Confluent in a report on Wednesday, September 18th. Finally, Robert W. Baird upped their price objective on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $32.04.

Confluent Stock Performance

CFLT opened at $30.49 on Thursday. The firm has a market capitalization of $10.00 billion, a PE ratio of -27.47 and a beta of 0.88. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent has a twelve month low of $17.79 and a twelve month high of $35.07. The firm’s 50-day moving average price is $26.86 and its 200 day moving average price is $24.73.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) 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 business had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. As a group, sell-side analysts expect that Confluent will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling

In other Confluent news, Director Matthew Craig Miller sold 53,512 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $33.64, for a total value of $1,800,143.68. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Michelangelo Volpi sold 50,000 shares of Confluent stock in a transaction on Friday, November 1st. The stock was sold at an average price of $25.92, for a total transaction of $1,296,000.00. Following the sale, the director now directly owns 280,200 shares of the company’s stock, valued at approximately $7,262,784. This trade represents a 15.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,533,995 shares of company stock valued at $131,348,784 in the last three months. 13.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CFLT. Oddo BHF Asset Management Sas acquired a new position in Confluent in the third quarter valued at approximately $7,646,000. Tidal Investments LLC lifted its position in shares of Confluent by 521.0% during the 3rd quarter. Tidal Investments LLC now owns 50,545 shares of the company’s stock worth $1,030,000 after buying an additional 42,406 shares during the last quarter. Sanctuary Advisors LLC lifted its position in shares of Confluent by 21.2% during the 3rd quarter. Sanctuary Advisors LLC now owns 18,825 shares of the company’s stock worth $384,000 after buying an additional 3,298 shares during the last quarter. Westside Investment Management Inc. boosted its holdings in shares of Confluent by 11,796.1% in the 3rd quarter. Westside Investment Management Inc. now owns 12,253 shares of the company’s stock valued at $250,000 after buying an additional 12,150 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Confluent by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock valued at $88,180,000 after buying an additional 107,510 shares during the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.