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

Confluent (NASDAQ:CFLT) had its price target increased by Scotiabank from $27.00 to $35.00 in a report published on Wednesday,Benzinga reports. The firm currently has a sector perform rating on the stock.

Several other equities analysts have also recently issued reports on the stock. Robert W. Baird upped their price target on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Truist Financial increased their price objective on Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Evercore ISI lifted their target price on Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday. Bank of America upped their price target on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. raised 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. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Confluent Trading Up 25.1 %

Shares of CFLT stock opened at $37.65 on Wednesday. Confluent has a twelve month low of $17.79 and a twelve month high of $37.90. The stock’s fifty day simple moving average is $29.58 and its 200 day simple moving average is $25.37. 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 firm has a market capitalization of $12.35 billion, a P/E ratio of -33.92 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results 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 return on equity of 34.05% and a negative net margin of 38.35%. As a group, sell-side analysts predict that Confluent will post -0.9 EPS for the current fiscal year.

Insider Activity

In other Confluent news, insider Erica Schultz sold 63,729 shares of the firm’s 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 transaction, the insider now directly owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. This trade represents 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 hyperlink. Also, Director Matthew Craig Miller sold 541,850 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $30.32, for a total transaction of $16,428,892.00. The disclosure for this sale can be found here. Insiders sold a total of 1,508,636 shares of company stock worth $47,198,798 over the last quarter. 13.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Confluent

A number of hedge funds have recently added to or reduced their stakes in CFLT. Commonwealth Equity Services LLC raised its stake in shares of Confluent by 4.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock worth $323,000 after purchasing an additional 458 shares during the last quarter. EP Wealth Advisors LLC grew its holdings in Confluent by 3.6% during the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock worth $293,000 after buying an additional 503 shares in the last quarter. Truist Financial Corp raised its position in Confluent by 2.5% in the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock valued at $589,000 after buying an additional 514 shares during the last quarter. GAMMA Investing LLC lifted its stake in Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after acquiring an additional 1,136 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its stake in Confluent by 8.0% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 15,281 shares of the company’s stock valued at $472,000 after acquiring an additional 1,137 shares in the last quarter. Institutional investors and hedge funds 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.