Brokerages Set Confluent, Inc. (NASDAQ:CFLT) Target Price at $29.97

Shares of Confluent, Inc. (NASDAQ:CFLT) have been given an average rating of “Moderate Buy” by the thirty ratings firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, seven have given a hold recommendation, twenty-one have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $29.79.

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus cut their target price on shares of Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Robert W. Baird assumed coverage on shares of Confluent in a research report on Wednesday, September 4th. They issued a “neutral” rating and a $23.00 price objective for the company. Royal Bank of Canada dropped their target price on Confluent from $35.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Canaccord Genuity Group reduced their price target on Confluent from $35.00 to $34.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Finally, Loop Capital lowered their price target on Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, July 19th.

Insiders Place Their Bets

In other news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the sale, the chief marketing officer now directly owns 161,673 shares in the company, valued at $3,505,070.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Erica Schultz sold 9,556 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $207,174.08. Following the completion of the sale, the insider now owns 687,483 shares of the company’s stock, valued at $14,904,631.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CMO Stephanie Buscemi sold 3,866 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the sale, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at $3,505,070.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 524,453 shares of company stock valued at $10,833,388 in the last ninety days. 13.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. EP Wealth Advisors LLC acquired a new position in shares of Confluent in the 4th quarter valued at $525,000. Vanguard Group Inc. lifted its position in Confluent by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 19,071,645 shares of the company’s stock valued at $446,276,000 after buying an additional 647,251 shares during the last quarter. Renaissance Capital LLC boosted its stake in Confluent by 6.6% during the first quarter. Renaissance Capital LLC now owns 126,006 shares of the company’s stock worth $3,846,000 after buying an additional 7,809 shares during the period. Fulton Bank N.A. acquired a new stake in shares of Confluent during the first quarter valued at about $216,000. Finally, Banque Cantonale Vaudoise raised its stake in shares of Confluent by 58.0% in the 1st quarter. Banque Cantonale Vaudoise now owns 20,185 shares of the company’s stock valued at $616,000 after acquiring an additional 7,412 shares during the period. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Confluent Price Performance

NASDAQ:CFLT opened at $22.32 on Friday. The firm’s fifty day moving average is $20.68 and its two-hundred day moving average is $25.16. The firm has a market cap of $7.09 billion, a price-to-earnings ratio of -17.86 and a beta of 0.88. Confluent has a one year low of $14.69 and a one year high of $35.07. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The company had revenue of $234.99 million for the quarter, compared to analyst estimates of $229.49 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. Research analysts expect that Confluent will post -0.95 EPS for the current year.

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.