JPMorgan Chase & Co. Increases Confluent (NASDAQ:CFLT) Price Target to $26.00

Confluent (NASDAQ:CFLT) had its price objective boosted by JPMorgan Chase & Co. from $25.00 to $26.00 in a report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 15.40% from the stock’s current price.

Other research analysts have also issued reports about the stock. Baird R W upgraded Confluent to a “hold” rating in a report on Wednesday, September 4th. Loop Capital lowered their price objective on Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research note on Friday, July 19th. Piper Sandler cut their target price on Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Sanford C. Bernstein reduced their price target on Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Bank of America dropped their price objective on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Confluent currently has an average rating of “Moderate Buy” and an average price target of $29.79.

Confluent Price Performance

NASDAQ:CFLT opened at $22.53 on Friday. The firm has a market cap of $7.16 billion, a P/E ratio of -18.02 and a beta of 0.88. The stock has a 50 day moving average of $20.78 and a two-hundred day moving average of $24.81. Confluent has a 12 month low of $14.69 and a 12 month high of $35.07. 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:CFLT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The firm had revenue of $234.99 million for the quarter, compared to analysts’ expectations of $229.49 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. On average, analysts expect that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at approximately $3,505,070.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,045,235.12. 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. Also, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction 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 approximately $3,505,070.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 524,453 shares of company stock valued at $10,833,388 in the last three months. 13.82% of the stock is owned by corporate insiders.

Institutional Trading of Confluent

Institutional investors have recently bought and sold shares of the business. Hollencrest Capital Management purchased a new stake in Confluent during the first quarter worth approximately $26,000. V Square Quantitative Management LLC purchased a new stake in shares of Confluent during the 2nd quarter worth approximately $68,000. UniSuper Management Pty Ltd boosted its holdings in shares of Confluent by 125.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after buying an additional 1,500 shares in the last quarter. Advisors Asset Management Inc. grew its position in shares of Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after buying an additional 859 shares during the last quarter. Finally, Lazard Asset Management LLC raised its stake in Confluent by 25.5% during the 1st quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after acquiring an additional 1,167 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other 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.