Confluent (NASDAQ:CFLT) Price Target Raised to $36.00

Confluent (NASDAQ:CFLT) had its price objective lifted by stock analysts at Royal Bank of Canada from $33.00 to $36.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 23.03% from the company’s current price.

Several other research analysts have also recently weighed in on the company. Truist Financial boosted their price target on Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Evercore ISI lowered their target price on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. Wells Fargo & Company lifted their price target on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. 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. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 target price on shares of Confluent in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $32.35.

Confluent Stock Performance

Shares of CFLT stock opened at $29.26 on Friday. 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 $9.60 billion, a price-to-earnings ratio of -26.36 and a beta of 0.91. Confluent has a one year low of $17.79 and a one year high of $35.07. The company’s 50-day moving average is $29.15 and its 200 day moving average is $24.95.

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

Insiders Place Their Bets

In related news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $29.29, for a total value of $6,809,925.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $13,253,373.52. The trade was a 33.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Kong Phan sold 3,947 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $28.74, for a total value of $113,436.78. Following the transaction, the chief accounting officer now owns 179,939 shares of the company’s stock, valued at $5,171,446.86. This represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,584,712 shares of company stock worth $132,928,936 in the last three months. 13.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

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.