Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Confluent (NASDAQ:CFLT) had its price target hoisted by equities research analysts at Wells Fargo & Company from $40.00 to $42.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 16.56% from the stock’s current price.

CFLT has been the topic of a number of other reports. Canaccord Genuity Group increased their price objective on shares of Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday. Truist Financial raised their target price on shares of Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Bank of America raised their target price on shares of Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday. Citigroup raised their target price 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. Finally, Robert W. Baird raised their target price on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Confluent has an average rating of “Moderate Buy” and an average price target of $33.96.

Confluent Stock Up 19.7 %

Shares of NASDAQ CFLT traded up $5.93 during midday trading on Wednesday, reaching $36.03. 7,547,359 shares of the company’s stock traded hands, compared to its average volume of 4,395,159. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The stock’s 50 day simple moving average is $29.49 and its 200-day simple moving average is $25.28. Confluent has a one year low of $17.79 and a one year high of $35.85. The company has a market cap of $11.82 billion, a price-to-earnings ratio of -32.46 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. On average, analysts predict that Confluent will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling

In other Confluent news, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction on Monday, November 18th. The shares were sold at an average price of $27.40, for a total value of $1,746,174.60. Following the completion of the transaction, the insider now owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. The trade was a 8.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chad Verbowski sold 13,414 shares of Confluent stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $378,677.22. Following the completion of the transaction, the chief technology officer now directly owns 483,393 shares of the company’s stock, valued at $13,646,184.39. The trade was a 2.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,508,636 shares of company stock valued at $47,198,798 over the last 90 days. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after buying an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Confluent in the fourth quarter valued at $59,000. Point72 Hong Kong Ltd acquired a new stake in shares of Confluent in the third quarter valued at about $68,000. GAMMA Investing LLC grew its position in shares of Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after purchasing an additional 1,136 shares during the period. Finally, AlphaQuest LLC grew its position in shares of Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after purchasing an additional 3,538 shares during the period. 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.