Confluent (NASDAQ:CFLT) Price Target Raised to $35.00

Confluent (NASDAQ:CFLT) had its target price upped by Piper Sandler from $32.00 to $35.00 in a report published on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also commented on CFLT. Citigroup boosted their price target on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Robert W. Baird boosted their target price on shares of Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price target on shares of Confluent in a research report on Friday, November 15th. DA Davidson reissued a “buy” rating and set a $30.00 price objective on shares of Confluent in a report on Wednesday, September 18th. Finally, Stifel Nicolaus raised their target price on Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.46.

Confluent Price Performance

CFLT stock opened at $28.66 on Monday. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The company’s 50-day moving average is $29.52 and its 200-day moving average is $24.98. The stock has a market capitalization of $9.40 billion, a PE ratio of -25.82 and a beta of 0.91. Confluent has a 1 year low of $17.79 and a 1 year high of $35.07.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.03. The business 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 34.05% and a negative net margin of 38.35%. Equities research analysts expect that Confluent will post -0.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other Confluent news, CAO Kong Phan sold 3,947 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $28.74, for a total transaction of $113,436.78. Following the completion of the transaction, the chief accounting officer now owns 179,939 shares in the company, valued at $5,171,446.86. This trade represents a 2.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lara Caimi sold 34,500 shares of Confluent stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $31.32, for a total transaction of $1,080,540.00. Following the completion of the transaction, the director now owns 7,160 shares of the company’s stock, valued at $224,251.20. The trade was a 82.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,584,712 shares of company stock valued at $132,928,936 over the last ninety days. 13.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Confluent

Several institutional investors have recently made changes to their positions in CFLT. Point72 Hong Kong Ltd purchased a new stake in Confluent during the 3rd quarter worth about $68,000. GAMMA Investing LLC lifted its holdings in shares of Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after buying an additional 1,136 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of Confluent in the second quarter valued at approximately $175,000. Plato Investment Management Ltd grew its stake in Confluent by 2,184.1% during the second quarter. Plato Investment Management Ltd now owns 6,601 shares of the company’s stock valued at $195,000 after acquiring an additional 6,312 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new stake in Confluent during the 3rd quarter worth approximately $214,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.