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

Confluent (NASDAQ:CFLT) had its target price raised by Needham & Company LLC from $31.00 to $40.00 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently weighed in on CFLT. Sanford C. Bernstein dropped their price target on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Scotiabank lifted their price objective on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. Citigroup upped their target price on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. Royal Bank of Canada lifted their price target on shares of Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Finally, Piper Sandler upped their price objective on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Confluent Trading Down 3.8 %

NASDAQ:CFLT opened at $34.85 on Wednesday. Confluent has a 52-week low of $17.79 and a 52-week high of $37.90. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The stock has a fifty day simple moving average of $29.67 and a 200-day simple moving average of $25.52. The company has a market capitalization of $11.43 billion, a PE ratio of -31.40 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last announced 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 return on equity of 34.05% and a negative net margin of 38.35%. On average, equities research analysts expect that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In related news, insider Erica Schultz sold 63,729 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $27.40, for a total value of $1,746,174.60. Following the completion of the transaction, the insider now owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. This represents a 8.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Kong Phan sold 2,096 shares of Confluent 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 $59,170.08. Following the sale, the chief accounting officer now owns 190,680 shares in the company, valued at $5,382,896.40. This represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,508,636 shares of company stock valued at $47,198,798 over the last 90 days. 13.82% of the stock is owned by corporate insiders.

Institutional Trading of Confluent

A number of hedge funds have recently made changes to their positions in CFLT. Champlain Investment Partners LLC raised its holdings 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 acquiring an additional 4,486,841 shares in the last quarter. Norges Bank acquired a new stake in shares of Confluent in the 4th quarter valued at about $81,092,000. Pictet Asset Management Holding SA lifted its position in shares of Confluent by 7,342.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock worth $65,748,000 after purchasing an additional 2,319,919 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in Confluent in the fourth quarter worth about $64,658,000. Finally, Fiera Capital Corp bought a new stake in Confluent in the third quarter valued at about $21,127,000. Institutional investors and hedge funds 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.