Piper Sandler Forecasts Strong Price Appreciation for Confluent (NASDAQ:CFLT) Stock

Confluent (NASDAQ:CFLT) had its price target boosted by research analysts at Piper Sandler from $32.00 to $35.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 16.55% from the company’s previous close.

CFLT has been the subject of several other reports. Mizuho lifted their price target on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, December 13th. JMP Securities reissued a “market outperform” rating and issued a $40.00 target price on shares of Confluent in a report on Tuesday, October 29th. TD Cowen raised their target price on Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Wolfe Research upgraded shares of Confluent to a “strong-buy” rating in a research report on Wednesday, September 18th. Finally, Stifel Nicolaus boosted their target price on shares of Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. 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 company’s stock. Based on data from MarketBeat, Confluent has a consensus rating of “Moderate Buy” and an average price target of $32.46.

Confluent Stock Performance

CFLT stock traded up $0.77 during mid-day trading on Monday, reaching $30.03. 602,309 shares of the stock traded hands, compared to its average volume of 1,791,469. The firm has a market capitalization of $9.85 billion, a PE ratio of -27.05 and a beta of 0.91. The business has a 50-day moving average of $29.15 and a two-hundred day moving average of $24.93. Confluent has a 52 week low of $17.79 and a 52 week high of $35.07. 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 (NASDAQ:CFLT) last released its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. As a group, equities analysts predict that Confluent will post -0.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other Confluent news, CAO Kong Phan sold 3,947 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $28.74, for a total transaction of $113,436.78. Following the sale, the chief accounting officer now directly owns 179,939 shares of the company’s stock, valued at $5,171,446.86. The trade was a 2.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Matthew Craig Miller sold 53,512 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were 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 sold 4,584,712 shares of company stock worth $132,928,936. Corporate insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CFLT. Point72 Hong Kong Ltd acquired a new position in shares of Confluent during the 3rd quarter worth approximately $68,000. GAMMA Investing LLC increased its holdings in Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after buying an additional 1,136 shares during the last quarter. Acadian Asset Management LLC bought a new stake in Confluent during the second quarter worth $175,000. Plato Investment Management Ltd lifted its stake in Confluent by 2,184.1% in the second quarter. Plato Investment Management Ltd now owns 6,601 shares of the company’s stock valued at $195,000 after acquiring an additional 6,312 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Confluent in the 3rd quarter valued at about $214,000. 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.