Confluent (NASDAQ:CFLT) Price Target Raised to $41.00

Confluent (NASDAQ:CFLT) had its target price hoisted by Royal Bank of Canada from $36.00 to $41.00 in a report issued on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

CFLT has been the subject of a number of other reports. Scotiabank increased their price target on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a report on Thursday, October 31st. Mizuho raised their price objective on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Piper Sandler raised their price objective on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday. Barclays raised their price objective on shares of Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, UBS Group raised their target price on Confluent from $23.00 to $26.00 and gave the company a “neutral” 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 issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Confluent presently has an average rating of “Moderate Buy” and an average target price of $35.00.

Confluent Trading Down 3.8 %

NASDAQ:CFLT opened at $34.85 on Wednesday. The firm’s fifty day moving average is $29.67 and its 200-day moving average is $25.52. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent has a 52 week low of $17.79 and a 52 week high of $37.90. The firm has a market cap of $11.43 billion, a P/E ratio of -31.40 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last issued 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 return on equity of 34.05% and a negative net margin of 38.35%. Equities analysts expect that Confluent will post -0.9 earnings per share for the current year.

Insider Transactions at Confluent

In related news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Craig Miller sold 541,850 shares of the business’s stock in a transaction dated 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. Insiders have sold 1,508,636 shares of company stock worth $47,198,798 in the last 90 days. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP lifted its stake in Confluent by 1,465.6% in the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock valued at $617,000 after purchasing an additional 28,360 shares during the last quarter. Pathway Capital Management LP purchased a new position in Confluent in the third quarter valued at approximately $918,000. Charles Schwab Investment Management Inc. lifted its stake in Confluent by 2.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock valued at $46,549,000 after purchasing an additional 64,926 shares during the last quarter. Creative Planning lifted its stake in Confluent by 109.9% in the third quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after purchasing an additional 49,699 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its holdings in Confluent by 152.4% during the third quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock valued at $1,398,000 after purchasing an additional 41,431 shares during 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.