Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Confluent (NASDAQ:CFLT) had its target price upped by equities research analysts at Canaccord Genuity Group from $34.00 to $38.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 26.25% from the company’s current price.

Other analysts have also issued reports about the stock. Robert W. Baird lifted their target price on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Sanford C. Bernstein cut their target price on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Bank of America lifted their price objective on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday. JPMorgan Chase & Co. upped their target price on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Finally, Royal Bank of Canada increased their target price on shares of Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have given 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 price target of $33.15.

Confluent Stock Down 4.3 %

Shares of CFLT opened at $30.10 on Wednesday. Confluent has a 52 week low of $17.79 and a 52 week high of $35.07. The firm has a market capitalization of $9.87 billion, a P/E ratio of -27.12 and a beta of 0.92. The company has a 50-day simple moving average of $29.49 and a 200-day simple moving average of $25.28. 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 (NASDAQ:CFLT) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. On average, equities research analysts expect that Confluent will post -0.9 earnings per share for the current year.

Insider Activity at Confluent

In other Confluent news, CFO Rohan Sivaram sold 22,714 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $641,216.22. Following the sale, the chief financial officer now directly owns 532,623 shares in the company, valued at approximately $15,035,947.29. This trade represents a 4.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Kong Phan sold 2,096 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $59,170.08. Following the completion of the transaction, the chief accounting officer now directly owns 190,680 shares of the company’s stock, valued at $5,382,896.40. This trade represents a 1.09 % 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 ninety days. Company insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pier Capital LLC increased its holdings in shares of Confluent by 15.9% in the fourth quarter. Pier Capital LLC now owns 203,863 shares of the company’s stock worth $5,700,000 after acquiring an additional 27,920 shares in the last quarter. Emerald Advisers LLC bought a new stake in Confluent during the 4th quarter worth approximately $467,000. Vanguard Group Inc. raised its holdings in Confluent by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock worth $694,207,000 after buying an additional 599,582 shares during the period. LPL Financial LLC raised its holdings in Confluent by 43.7% during the 4th quarter. LPL Financial LLC now owns 66,726 shares of the company’s stock worth $1,866,000 after buying an additional 20,300 shares during the period. Finally, Fox Run Management L.L.C. lifted its stake in Confluent by 19.8% in the fourth quarter. Fox Run Management L.L.C. now owns 71,717 shares of the company’s stock valued at $2,005,000 after buying an additional 11,870 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.