Confluent (NASDAQ:CFLT) Price Target Raised to $35.00

Confluent (NASDAQ:CFLT) had its price objective upped by Mizuho from $31.00 to $35.00 in a research note published on Friday,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts have also issued reports on the company. Royal Bank of Canada lifted their price target on Confluent from $26.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 target price on shares of Confluent in a report on Friday, November 15th. Evercore ISI cut their price target on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, September 20th. DA Davidson restated a “buy” rating and issued a $30.00 price objective on shares of Confluent in a report on Wednesday, September 18th. Finally, Sanford C. Bernstein lowered their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $32.04.

Confluent Price Performance

Shares of NASDAQ CFLT opened at $30.49 on Friday. The company has a 50 day simple moving average of $26.86 and a two-hundred day simple moving average of $24.65. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $35.07. The company has a market capitalization of $10.00 billion, a price-to-earnings ratio of -27.47 and a beta of 0.88. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24.

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

Insider Activity

In related news, CAO Kong Phan sold 2,096 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $59,170.08. Following the completion of the transaction, the chief accounting officer now directly owns 190,680 shares in the company, valued at approximately $5,382,896.40. The trade was a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Stephanie Buscemi sold 164,123 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $26.24, for a total transaction of $4,306,587.52. Following the sale, the chief marketing officer now owns 149,644 shares in the company, valued at approximately $3,926,658.56. The trade was a 52.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,533,995 shares of company stock valued at $131,348,784 in the last 90 days. Company insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CFLT. Point72 Hong Kong Ltd purchased a new position in shares of Confluent in the third quarter valued at about $68,000. Acadian Asset Management LLC purchased a new position in Confluent in the 2nd quarter worth approximately $175,000. Plato Investment Management Ltd boosted its stake in Confluent by 2,184.1% in the 2nd quarter. Plato Investment Management Ltd now owns 6,601 shares of the company’s stock worth $195,000 after purchasing an additional 6,312 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in Confluent during the 3rd quarter valued at approximately $214,000. Finally, Centaurus Financial Inc. raised its position in shares of Confluent by 109.2% during the second quarter. Centaurus Financial Inc. now owns 7,320 shares of the company’s stock valued at $216,000 after buying an additional 3,821 shares during the last quarter. 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.