Confluent (NASDAQ:CFLT) Price Target Raised to $38.00 at Canaccord Genuity Group

Confluent (NASDAQ:CFLT) had its target price increased by Canaccord Genuity Group from $34.00 to $38.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms also recently issued reports on CFLT. UBS Group upped their price objective on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Needham & Company LLC upped their target price on Confluent from $31.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday. TD Cowen lifted their price target on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Sanford C. Bernstein reduced their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, JMP Securities restated a “market outperform” rating and set a $40.00 target price on shares of Confluent in a research report on Tuesday, October 29th. One 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 company. According to data from MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Confluent Trading Up 25.1 %

CFLT opened at $37.65 on Wednesday. The business has a fifty day moving average price of $29.58 and a 200 day moving average price of $25.37. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. The stock has a market capitalization of $12.35 billion, a price-to-earnings ratio of -33.92 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 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%. Sell-side analysts expect that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In related news, insider Erica Schultz sold 9,467 shares of Confluent stock in a transaction on 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. The trade was a 1.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Chad Verbowski sold 13,414 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $378,677.22. Following the completion of the transaction, the chief technology officer now owns 483,393 shares of the company’s stock, valued at $13,646,184.39. This trade represents a 2.70 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,508,636 shares of company stock valued at $47,198,798. 13.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Blue Trust Inc. grew its position in Confluent by 354.0% during the 4th 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. acquired a new stake in shares of Confluent in the fourth quarter worth $59,000. GAMMA Investing LLC grew its holdings in shares of Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after buying an additional 1,136 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in Confluent during the third quarter valued at $68,000. Finally, AlphaQuest LLC lifted its stake in Confluent by 22,112.5% in the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock worth $99,000 after acquiring an additional 3,538 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.