Confluent (NASDAQ:CFLT) Price Target Raised to $40.00

Confluent (NASDAQ:CFLT) had its price objective upped by Stifel Nicolaus from $37.00 to $40.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on the stock. Morgan Stanley reiterated an “equal weight” rating and set a $30.00 target price (down from $33.00) on shares of Confluent in a research report on Thursday, January 16th. Guggenheim upped their target price on shares of Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, January 31st. Sanford C. Bernstein lowered their price target on Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. TD Cowen upped their price objective on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, Scotiabank raised their price objective on Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Confluent Stock Down 3.8 %

CFLT opened at $34.85 on Wednesday. The firm has a market capitalization of $11.43 billion, a P/E ratio of -31.40 and a beta of 0.92. Confluent has a one year low of $17.79 and a one year high of $37.90. The company has a fifty day moving average price of $29.67 and a 200-day moving average price of $25.52. 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 (NASDAQ:CFLT) last announced its 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 return on equity of 34.05% and a negative net margin of 38.35%. Equities research analysts expect that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Activity at Confluent

In related news, CTO Chad Verbowski sold 13,414 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $378,677.22. Following the sale, the chief technology officer now directly owns 483,393 shares of the company’s stock, valued at $13,646,184.39. This represents a 2.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $27.40, for a total value of $1,746,174.60. Following the completion of the transaction, the insider now owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. This trade represents a 8.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,508,636 shares of company stock worth $47,198,798 over the last 90 days. 13.82% of the stock is owned by company insiders.

Institutional Trading of Confluent

Hedge funds and other institutional investors have recently modified their holdings of the business. Caisse DE Depot ET Placement DU Quebec lifted its position in Confluent by 5.0% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 105,166 shares of the company’s stock valued at $2,940,000 after acquiring an additional 4,986 shares during the period. Talon Private Wealth LLC purchased a new position in shares of Confluent during the fourth quarter valued at approximately $625,000. Comerica Bank boosted its position in shares of Confluent by 2,388.0% in the 4th quarter. Comerica Bank now owns 64,339 shares of the company’s stock worth $1,799,000 after purchasing an additional 61,753 shares in the last quarter. Jericho Capital Asset Management L.P. grew its stake in shares of Confluent by 18.1% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock worth $83,880,000 after buying an additional 459,000 shares during the last quarter. Finally, Paloma Partners Management Co increased its position in Confluent by 270.0% during the 4th quarter. Paloma Partners Management Co now owns 55,001 shares of the company’s stock valued at $1,538,000 after buying an additional 40,136 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other 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.