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

Confluent (NASDAQ:CFLT) had its target price raised by Evercore ISI from $32.00 to $40.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

Several other analysts also recently weighed in on the company. Royal Bank of Canada increased their target price on Confluent from $33.00 to $36.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. UBS Group upped their price objective on 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 increased their target price on shares of Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday. Truist Financial lifted their price objective on Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of 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 assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Confluent Trading Down 3.8 %

Shares of NASDAQ:CFLT opened at $34.85 on Wednesday. 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 stock has a market capitalization of $11.43 billion, a price-to-earnings ratio of -31.40 and a beta of 0.92. The company has a 50 day moving average price of $29.67 and a 200 day moving average price of $25.52. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data 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 net margin of 38.35% and a negative return on equity of 34.05%. On average, research analysts anticipate that Confluent will post -0.9 EPS for the current fiscal year.

Insider Transactions at Confluent

In other news, CAO Kong Phan sold 2,096 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $59,170.08. Following the completion of the sale, the chief accounting officer now owns 190,680 shares in the company, valued at $5,382,896.40. The trade was a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Erica Schultz sold 9,467 shares of the stock in a transaction that occurred 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 owns 678,016 shares in the company, valued at approximately $19,140,391.68. This trade represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,508,636 shares of company stock worth $47,198,798 in the last ninety days. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Confluent by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock worth $694,207,000 after buying an additional 599,582 shares in the last quarter. Champlain Investment Partners LLC raised its stake in Confluent by 1.3% in the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock worth $302,940,000 after purchasing an additional 133,908 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Confluent by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock valued at $123,339,000 after purchasing an additional 84,163 shares during the period. Jericho Capital Asset Management L.P. grew its position in shares of Confluent by 18.1% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock worth $83,880,000 after purchasing an additional 459,000 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Confluent during the fourth quarter worth approximately $81,092,000. 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.