Confluent (NASDAQ:CFLT) Price Target Raised to $38.00

Confluent (NASDAQ:CFLT) had its price target boosted by Guggenheim from $35.00 to $38.00 in a report issued on Wednesday,Benzinga reports. Guggenheim currently has a buy rating on the stock.

A number of other analysts also recently issued reports on the stock. Piper Sandler increased their price target on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday. Robert W. Baird increased their price target on shares of Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Mizuho increased their price target on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Scotiabank boosted their price objective on Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. Finally, Evercore ISI increased their target price on Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Confluent Stock Performance

Shares of CFLT stock opened at $34.85 on Wednesday. The stock has a market cap of $11.43 billion, a PE ratio of -31.40 and a beta of 0.92. The business has a 50-day simple moving average of $29.67 and a 200-day simple moving average of $25.52. 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 has a 52-week low of $17.79 and a 52-week high of $37.90.

Confluent (NASDAQ:CFLT) last issued 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 net margin of 38.35% and a negative return on equity of 34.05%. On average, equities analysts expect that Confluent will post -0.9 EPS for the current year.

Insider Buying and Selling

In other news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the completion of the transaction, the insider now directly owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. The trade was a 8.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Matthew Craig Miller sold 53,512 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was 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. In the last 90 days, insiders have sold 1,508,636 shares of company stock valued at $47,198,798. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of institutional investors and hedge funds have recently made changes to their positions in CFLT. Credit Industriel ET Commercial purchased a new position in Confluent in the fourth quarter valued at $28,000. Blue Trust Inc. increased its holdings in Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after buying an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Confluent in the fourth quarter valued at $59,000. Point72 Hong Kong Ltd purchased a new position in shares of Confluent in the 3rd quarter valued at $68,000. Finally, GAMMA Investing LLC raised its stake in Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after acquiring an additional 1,136 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

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.