Confluent, Inc. (NASDAQ:CFLT) Receives $35.15 Consensus Target Price from Brokerages

Confluent, Inc. (NASDAQ:CFLT) has been given a consensus recommendation of “Moderate Buy” by the thirty brokerages that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $35.15.

CFLT has been the subject of a number of recent analyst reports. Bank of America lifted their target price on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday, February 12th. UBS Group raised shares of Confluent from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $34.00 to $38.00 in a research note on Wednesday, February 26th. Canaccord Genuity Group increased their target price on shares of Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Guggenheim boosted their price target on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, Barclays increased their price objective on Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th.

Confluent Stock Performance

NASDAQ CFLT opened at $21.22 on Friday. The firm has a market cap of $7.09 billion, a P/E ratio of -19.65 and a beta of 1.03. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The company’s 50 day moving average is $27.79 and its 200-day moving average is $27.27. Confluent has a 12-month low of $17.79 and a 12-month high of $37.90.

Confluent (NASDAQ:CFLT) last issued its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. Sell-side analysts predict that Confluent will post -0.83 earnings per share for the current year.

Insiders Place Their Bets

In other Confluent news, CAO Kong Phan sold 2,178 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $31.58, for a total transaction of $68,781.24. Following the completion of the transaction, the chief accounting officer now owns 177,415 shares of the company’s stock, valued at approximately $5,602,765.70. This trade represents a 1.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $29.36, for a total transaction of $6,826,200.00. Following the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $13,285,047.68. This trade represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,200,746 shares of company stock worth $38,505,150 over the last three months. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several large investors have recently made changes to their positions in the business. M&T Bank Corp raised its stake in Confluent by 12.3% during the fourth quarter. M&T Bank Corp now owns 21,540 shares of the company’s stock valued at $602,000 after buying an additional 2,367 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Confluent in the 3rd quarter worth about $868,000. Friedenthal Financial bought a new position in Confluent in the 4th quarter worth about $758,000. Victory Capital Management Inc. grew its position in Confluent by 135.7% during the 4th quarter. Victory Capital Management Inc. now owns 648,986 shares of the company’s stock valued at $18,146,000 after purchasing an additional 373,682 shares during the last quarter. Finally, Truist Financial Corp increased its stake in Confluent by 2.5% during the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock valued at $589,000 after purchasing an additional 514 shares in the last quarter. 78.09% of the stock is currently 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.