Citigroup Forecasts Strong Price Appreciation for Confluent (NASDAQ:CFLT) Stock

Confluent (NASDAQ:CFLTFree Report) had its target price hoisted by Citigroup from $24.00 to $25.00 in a research note published on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

CFLT has been the subject of several other research reports. Wells Fargo & Company lowered their price objective on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. TD Cowen reduced their price target on Confluent from $31.00 to $27.00 and set a “buy” rating for the company in a research report on Friday, September 20th. Royal Bank of Canada lowered their price objective on shares of Confluent from $35.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Scotiabank dropped their price target on shares of Confluent from $28.00 to $25.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. Finally, JMP Securities restated a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a report on Tuesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Confluent currently has an average rating of “Moderate Buy” and a consensus target price of $30.28.

Check Out Our Latest Stock Report on CFLT

Confluent Trading Up 0.2 %

Shares of Confluent stock opened at $26.22 on Tuesday. The stock has a market cap of $8.46 billion, a price-to-earnings ratio of -23.62 and a beta of 0.88. Confluent has a 12-month low of $14.69 and a 12-month high of $35.07. The company has a fifty day simple moving average of $21.04 and a 200-day simple moving average of $24.67. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25.

Confluent (NASDAQ:CFLTGet Free Report) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.03. The company had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative return on equity of 34.97% and a negative net margin of 38.35%. On average, equities analysts forecast that Confluent will post -0.95 EPS for the current fiscal year.

Insider Activity at Confluent

In related news, Director Lara Caimi sold 9,375 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $20.01, for a total value of $187,593.75. Following the transaction, the director now directly owns 7,160 shares of the company’s stock, valued at approximately $143,271.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Confluent news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total transaction of $187,593.75. Following the transaction, the director now owns 7,160 shares of the company’s stock, valued at $143,271.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,561,071.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 524,453 shares of company stock worth $10,833,388. 13.82% of the stock is owned by company insiders.

Institutional Trading of Confluent

Institutional investors have recently made changes to their positions in the business. Assetmark Inc. boosted its stake in Confluent by 75,257.1% in the 3rd quarter. Assetmark Inc. now owns 36,925 shares of the company’s stock worth $753,000 after purchasing an additional 36,876 shares during the period. SpiderRock Advisors LLC lifted its holdings in shares of Confluent by 323.7% in the third quarter. SpiderRock Advisors LLC now owns 264,038 shares of the company’s stock worth $5,381,000 after buying an additional 201,721 shares in the last quarter. Fiera Capital Corp bought a new position in shares of Confluent during the third quarter worth $21,127,000. Janney Capital Management LLC boosted its position in shares of Confluent by 52.2% during the third quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock worth $406,000 after acquiring an additional 6,842 shares during the last quarter. Finally, US Bancorp DE increased its holdings in Confluent by 307.7% in the 3rd quarter. US Bancorp DE now owns 16,702 shares of the company’s stock valued at $340,000 after acquiring an additional 12,605 shares during the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Confluent (NASDAQ:CFLT)

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