Confluent (NASDAQ:CFLT) Given New $33.00 Price Target at Royal Bank of Canada

Confluent (NASDAQ:CFLT) had its target price upped by Royal Bank of Canada from $26.00 to $33.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Several other equities analysts have also weighed in on the company. Wolfe Research raised Confluent to a “strong-buy” rating in a research note on Wednesday, September 18th. Bank of America reduced their price target on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a research report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Robert W. Baird increased their price target on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday. Finally, JMP Securities restated a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.39.

Confluent Trading Up 0.2 %

Shares of CFLT stock opened at $26.22 on Thursday. Confluent has a 1-year low of $14.69 and a 1-year high of $35.07. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. The firm’s 50-day simple moving average is $21.04 and its 200-day simple moving average is $24.64. The firm has a market cap of $8.46 billion, a P/E ratio of -23.62 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.03. The company had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.97%. As a group, equities analysts forecast that Confluent will post -0.95 EPS for the current year.

Insider Activity at Confluent

In other Confluent news, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at $3,505,070.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Confluent news, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were 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 owns 161,673 shares in the company, valued at $3,505,070.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,561,071.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 524,453 shares of company stock valued at $10,833,388 over the last three months. 13.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Confluent

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Daiwa Securities Group Inc. raised its position in shares of Confluent by 7.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock worth $369,000 after purchasing an additional 800 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in Confluent by 8.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock valued at $322,000 after buying an additional 857 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Confluent by 40.3% during the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after acquiring an additional 859 shares during the period. Hollencrest Capital Management bought a new position in shares of Confluent during the first quarter worth about $26,000. Finally, Resolute Advisors LLC increased its holdings in shares of Confluent by 11.1% in the 1st quarter. Resolute Advisors LLC now owns 8,693 shares of the company’s stock worth $265,000 after acquiring an additional 869 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.