Confluent (NASDAQ:CFLT) Price Target Raised to $40.00

Confluent (NASDAQ:CFLT) had its target price upped by Piper Sandler from $35.00 to $40.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

CFLT has been the subject of several other research reports. JPMorgan Chase & Co. increased their target price on Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Evercore ISI raised their price objective on Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday. Truist Financial upped their target price on shares of Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Robert W. Baird lifted 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. Finally, Citigroup upped their price objective on shares of Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Confluent has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Confluent Stock Performance

NASDAQ:CFLT opened at $34.85 on Wednesday. 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’s fifty day simple moving average is $29.67 and its 200 day simple moving average is $25.52. The stock has a market cap of $11.43 billion, a P/E ratio of -31.40 and a beta of 0.92. Confluent has a twelve month low of $17.79 and a twelve month high of $37.90.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share 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%. As a group, research analysts predict that Confluent will post -0.9 EPS for the current year.

Insider Activity at Confluent

In other news, CMO Stephanie Buscemi sold 26,047 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $32.89, for a total value of $856,685.83. Following the completion of the sale, the chief marketing officer now directly owns 144,373 shares in the company, valued at $4,748,427.97. This represents a 15.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Matthew Craig Miller sold 541,850 shares of Confluent stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $30.32, for a total value of $16,428,892.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,508,636 shares of company stock worth $47,198,798. 13.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CFLT. Credit Industriel ET Commercial bought a new stake in Confluent during the 4th quarter worth approximately $28,000. Blue Trust Inc. increased its stake in shares of Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after purchasing an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Confluent during the 4th quarter valued at $59,000. Point72 Hong Kong Ltd purchased a new position in shares of Confluent during the 3rd quarter valued at $68,000. Finally, GAMMA Investing LLC boosted its holdings 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 period. 78.09% of the stock is owned by hedge funds and other 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.