Confluent (NASDAQ:CFLT) Price Target Raised to $36.00 at Royal Bank of Canada

Confluent (NASDAQ:CFLT) had its price target raised by research analysts at Royal Bank of Canada from $33.00 to $36.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 25.96% from the stock’s previous close.

Several other research firms also recently issued reports on CFLT. Barclays increased their target price on Confluent from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Truist Financial increased their target price on shares of Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Stifel Nicolaus lifted their price objective on Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Evercore ISI decreased their target price on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. Finally, TD Cowen raised their price target on Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $32.35.

Confluent Stock Up 1.2 %

Shares of NASDAQ CFLT traded up $0.33 during trading on Friday, hitting $28.58. 394,029 shares of the company traded hands, compared to its average volume of 1,590,830. The business’s fifty day moving average is $29.02 and its 200 day moving average is $24.96. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $35.07. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. The firm has a market capitalization of $9.37 billion, a price-to-earnings ratio of -25.75 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.03. The business had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. Equities research analysts predict that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Activity at Confluent

In other news, CAO Kong Phan sold 3,947 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $28.74, for a total transaction of $113,436.78. Following the sale, the chief accounting officer now owns 179,939 shares in the company, valued at $5,171,446.86. This represents a 2.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michelangelo Volpi sold 50,000 shares of Confluent stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $25.92, for a total transaction of $1,296,000.00. Following the sale, the director now directly owns 280,200 shares of the company’s stock, valued at $7,262,784. The trade was a 15.14 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,584,712 shares of company stock worth $132,928,936. 13.82% of the stock is owned by corporate insiders.

Institutional Trading of Confluent

Large investors have recently bought and sold shares of the business. Principal Financial Group Inc. increased its stake in shares of Confluent by 10.5% in the 2nd quarter. Principal Financial Group Inc. now owns 215,464 shares of the company’s stock valued at $6,363,000 after acquiring an additional 20,504 shares in the last quarter. Rhumbline Advisers grew its position in Confluent by 19.9% during the second quarter. Rhumbline Advisers now owns 301,590 shares of the company’s stock worth $8,906,000 after buying an additional 49,969 shares in the last quarter. TD Asset Management Inc lifted its position in Confluent by 4.5% during the second quarter. TD Asset Management Inc now owns 385,424 shares of the company’s stock valued at $11,382,000 after purchasing an additional 16,474 shares during the last quarter. Victory Capital Management Inc. raised its position in Confluent by 1.7% during the second quarter. Victory Capital Management Inc. now owns 548,354 shares of the company’s stock valued at $16,193,000 after purchasing an additional 9,424 shares in the last quarter. Finally, Arizona State Retirement System raised its holdings in shares of Confluent by 7.8% during the 2nd quarter. Arizona State Retirement System now owns 55,812 shares of the company’s stock valued at $1,648,000 after buying an additional 4,051 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

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.