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

Confluent (NASDAQ:CFLT) had its price objective increased by Evercore ISI from $32.00 to $40.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other analysts have also recently commented on the stock. Guggenheim upped their price target on shares of Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, January 31st. Canaccord Genuity Group boosted their price target on Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday. Barclays boosted their target price on shares of Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Wednesday. Bank of America raised their price target on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday. Finally, Robert W. Baird increased their price objective on shares of Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Confluent currently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Confluent Stock Down 3.8 %

Shares of CFLT opened at $34.85 on Wednesday. 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 has a 52 week low of $17.79 and a 52 week high of $37.90. The stock has a market capitalization of $11.43 billion, a price-to-earnings ratio of -31.40 and a beta of 0.92. The stock has a fifty day moving average of $29.67 and a 200-day moving average of $25.52.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. As a group, sell-side analysts anticipate that Confluent will post -0.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Kong Phan sold 3,947 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the sale, the chief accounting officer now directly owns 179,939 shares in the company, valued at approximately $5,171,446.86. The trade was a 2.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Lara Caimi sold 34,500 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $31.32, for a total transaction of $1,080,540.00. Following the sale, the director now directly owns 7,160 shares in the company, valued at approximately $224,251.20. This trade represents a 82.81 % 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 ninety days. 13.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Confluent

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Credit Industriel ET Commercial purchased a new position in shares of Confluent in the fourth quarter valued at $28,000. Blue Trust Inc. boosted its stake in Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after purchasing an additional 1,607 shares during the period. SBI Securities Co. Ltd. purchased a new position in Confluent during the 4th quarter valued at about $59,000. Point72 Hong Kong Ltd bought a new stake in shares of Confluent during the third quarter valued at about $68,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Confluent by 85.3% in 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 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.