Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, Truist Financial Analyst Says

Confluent (NASDAQ:CFLT) had its target price raised by Truist Financial from $35.00 to $40.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. Barclays upped their price objective on Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 price target on shares of Confluent in a research note on Tuesday, October 29th. Needham & Company LLC lifted their price objective on shares of Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. Royal Bank of Canada upped their target price on shares of Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Sanford C. Bernstein reduced their price target on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Confluent Stock Up 25.1 %

Shares of NASDAQ:CFLT opened at $37.65 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The stock has a market cap of $12.35 billion, a price-to-earnings ratio of -33.92 and a beta of 0.92. The company has a 50 day moving average of $29.58 and a 200-day moving average of $25.37. Confluent has a one year low of $17.79 and a one year high of $37.90.

Confluent (NASDAQ:CFLT) last released its earnings results on Tuesday, February 11th. The company reported ($0.23) 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, sell-side analysts forecast that Confluent will post -0.9 earnings per share for the current year.

Insider Transactions at Confluent

In other news, CAO Kong Phan sold 3,947 shares of the company’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 sale, the chief accounting officer now owns 179,939 shares in the company, valued at $5,171,446.86. This represents a 2.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Erica Schultz sold 9,467 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 value of $267,253.41. Following the completion of the sale, the insider now directly owns 678,016 shares of the company’s stock, valued at approximately $19,140,391.68. The trade was a 1.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,508,636 shares of company stock worth $47,198,798 in the last three months. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its position in shares of Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after acquiring an additional 1,607 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Confluent in the 4th quarter valued at about $59,000. Point72 Hong Kong Ltd acquired a new stake in Confluent in the 3rd quarter valued at about $68,000. GAMMA Investing LLC grew 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 purchasing an additional 1,136 shares during the period. Finally, AlphaQuest LLC increased its position in Confluent by 22,112.5% during the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock worth $99,000 after buying an additional 3,538 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.