Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, TD Cowen Analyst Says

Confluent (NASDAQ:CFLT) had its price target hoisted by TD Cowen from $27.00 to $31.00 in a research report released on Thursday, Benzinga reports. TD Cowen currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the company. Robert W. Baird boosted their target price on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday. Bank of America dropped their price objective on Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a research note on Thursday, August 1st. Mizuho upped their price objective on Confluent from $29.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday. Citigroup upped their price objective on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Piper Sandler lowered their target price on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $30.28.

Confluent Price Performance

Shares of NASDAQ CFLT traded up $0.33 during mid-day trading on Thursday, hitting $26.50. 1,408,225 shares of the stock traded hands, compared to its average volume of 4,331,277. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. Confluent has a twelve month low of $14.69 and a twelve month high of $35.07. The company has a market cap of $8.55 billion, a PE ratio of -23.40 and a beta of 0.88. The firm has a 50 day simple moving average of $20.94 and a two-hundred day simple moving average of $24.69.

Confluent (NASDAQ:CFLT) last announced 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 firm had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. As a group, equities research analysts forecast that Confluent will post -0.95 EPS for the current fiscal year.

Insider Transactions at Confluent

In other Confluent news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total value of $187,593.75. Following the sale, the director now directly owns 7,160 shares in the company, valued at approximately $143,271.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Lara Caimi sold 9,375 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $20.01, for a total value of $187,593.75. Following the sale, the director now directly owns 7,160 shares of the company’s stock, valued at $143,271.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the sale, the chief marketing officer now directly owns 161,673 shares in the company, valued at $3,505,070.64. This trade 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 worth $10,833,388 in the last 90 days. 13.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Confluent

Hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Confluent by 4.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 26,352 shares of the company’s stock valued at $804,000 after purchasing an additional 1,062 shares in the last quarter. Diversified Trust Co purchased a new stake in Confluent during the first quarter valued at approximately $639,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Confluent by 1.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 366,116 shares of the company’s stock valued at $11,174,000 after acquiring an additional 5,362 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Confluent by 129.3% in the first quarter. Commonwealth Equity Services LLC now owns 32,617 shares of the company’s stock worth $995,000 after buying an additional 18,391 shares during the last quarter. Finally, Smith Group Asset Management LLC purchased a new position in shares of Confluent in the first quarter worth $204,000. 78.09% of the stock is currently owned by 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.