Evercore ISI Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its target price raised by stock analysts at Evercore ISI from $32.00 to $40.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Evercore ISI’s price target points to a potential upside of 32.89% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Barclays increased their price objective on shares of Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday. Stifel Nicolaus increased their price target on Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their price objective on Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Citigroup upped their price objective on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Finally, Bank of America lifted their target price on Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $33.59.

Confluent Stock Down 4.3 %

Shares of NASDAQ:CFLT opened at $30.10 on Wednesday. The business’s 50 day moving average is $29.49 and its 200 day moving average is $25.28. Confluent has a 12-month low of $17.79 and a 12-month high of $35.07. The stock has a market cap of $9.87 billion, a price-to-earnings ratio of -27.12 and a beta of 0.92. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate 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, sell-side analysts forecast that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In other Confluent news, insider Erica Schultz sold 9,467 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $267,253.41. Following the transaction, the insider now directly owns 678,016 shares in the company, valued at $19,140,391.68. This represents a 1.38 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Craig Miller sold 53,512 shares of Confluent stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $33.64, for a total value of $1,800,143.68. The disclosure for this sale can be found here. Insiders sold 1,508,636 shares of company stock valued at $47,198,798 in the last quarter. 13.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Blue Trust Inc. raised its position in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after purchasing an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Confluent during the 4th quarter valued at about $59,000. Point72 Hong Kong Ltd purchased a new position in shares of Confluent during the 3rd quarter valued at about $68,000. GAMMA Investing LLC lifted its position in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after buying an additional 1,136 shares during the last quarter. Finally, AlphaQuest LLC boosted its stake in Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock worth $99,000 after buying an additional 3,538 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

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.