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

Confluent (NASDAQ:CFLT) had its price objective hoisted by Piper Sandler from $32.00 to $35.00 in a research report sent to investors on Monday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts also recently weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $31.00 target price on shares of Confluent in a research report on Friday, November 15th. TD Cowen upped their price objective on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Sanford C. Bernstein reduced their price objective on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. UBS Group boosted their target price on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Scotiabank increased their price target on shares of Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.46.

Confluent Stock Down 0.5 %

NASDAQ:CFLT opened at $28.66 on Monday. Confluent has a twelve month low of $17.79 and a twelve month high of $35.07. The firm has a market capitalization of $9.40 billion, a price-to-earnings ratio of -25.82 and a beta of 0.91. 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’s 50 day moving average price is $29.52 and its two-hundred day moving average price is $24.98.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $243.98 million. Equities research analysts expect that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Activity

In other Confluent news, CTO Chad Verbowski sold 13,414 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $378,677.22. Following the completion of the sale, the chief technology officer now owns 483,393 shares of the company’s stock, valued at approximately $13,646,184.39. This represents a 2.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 stock was sold at an average price of $28.74, for a total transaction of $113,436.78. Following the transaction, the chief accounting officer now owns 179,939 shares of the company’s stock, valued at approximately $5,171,446.86. The trade was a 2.15 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,584,712 shares of company stock valued at $132,928,936. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of hedge funds have recently bought and sold shares of the company. Diversified Trust Co grew its holdings in Confluent by 21.5% during the 4th quarter. Diversified Trust Co now owns 73,529 shares of the company’s stock worth $2,056,000 after acquiring an additional 13,026 shares during the period. GAMMA Investing LLC lifted its stake in shares of Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after purchasing an additional 1,136 shares during the period. Oddo BHF Asset Management Sas bought a new stake in shares of Confluent during the 3rd quarter valued at about $7,646,000. Tidal Investments LLC grew its stake in Confluent by 521.0% during the third quarter. Tidal Investments LLC now owns 50,545 shares of the company’s stock worth $1,030,000 after purchasing an additional 42,406 shares during the period. Finally, Sanctuary Advisors LLC increased its holdings in Confluent by 21.2% in the third quarter. Sanctuary Advisors LLC now owns 18,825 shares of the company’s stock worth $384,000 after purchasing an additional 3,298 shares in 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.