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

Confluent (NASDAQ:CFLT) had its price objective lifted by Wells Fargo & Company from $35.00 to $40.00 in a research report released on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also recently commented on the stock. Royal Bank of Canada boosted their target price on shares of Confluent from $26.00 to $33.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. DA Davidson restated a “buy” rating and set a $30.00 price objective on shares of Confluent in a research report on Wednesday, September 18th. Evercore ISI cut their target price on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. JMP Securities reiterated a “market outperform” rating and issued a $40.00 price target on shares of Confluent in a research note on Tuesday, October 29th. Finally, Barclays boosted their price target on Confluent from $29.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.23.

Confluent Stock Performance

Shares of CFLT stock opened at $33.66 on Thursday. The company’s 50 day moving average price is $25.68 and its two-hundred day moving average price is $24.71. Confluent has a 52 week low of $17.79 and a 52 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 company has a market capitalization of $11.04 billion, a P/E ratio of -30.32 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its 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. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The company had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. On average, analysts expect that Confluent will post -0.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Michelangelo Volpi sold 50,000 shares of the firm’s 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 completion of the transaction, the director now directly owns 280,200 shares in the company, valued at $7,262,784. This trade represents a 15.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Stephanie Buscemi sold 164,123 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $26.24, for a total value of $4,306,587.52. Following the completion of the sale, the chief marketing officer now owns 149,644 shares in the company, valued at $3,926,658.56. The trade was a 52.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,069,108 shares of company stock valued at $116,165,158. 13.82% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

A number of institutional investors have recently bought and sold shares of CFLT. William Blair Investment Management LLC acquired a new position in shares of Confluent in the 2nd quarter valued at about $193,403,000. Champlain Investment Partners LLC lifted its stake in Confluent by 72.2% in the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after buying an additional 4,486,841 shares during the period. 1832 Asset Management L.P. lifted its stake in Confluent by 28.4% in the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after buying an additional 1,684,100 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Confluent by 60.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock worth $103,665,000 after buying an additional 1,316,804 shares in the last quarter. Finally, Fiera Capital Corp acquired a new stake in shares of Confluent during the 3rd quarter worth approximately $21,127,000. Institutional investors own 78.09% of the company’s stock.

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.