Confluent (NASDAQ:CFLT) Price Target Raised to $26.00 at JPMorgan Chase & Co.

Confluent (NASDAQ:CFLT) had its price target boosted by research analysts at JPMorgan Chase & Co. from $25.00 to $26.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 14.64% from the stock’s current price.

CFLT has been the subject of a number of other research reports. Mizuho cut their target price on shares of Confluent from $31.00 to $29.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. JMP Securities restated a “market outperform” rating and issued a $40.00 target price on shares of Confluent in a research report on Tuesday, September 24th. Loop Capital reduced their price objective on Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, July 19th. Citigroup lowered their target price on shares of Confluent from $32.00 to $28.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 30th. Finally, Stifel Nicolaus reduced their target price on shares of Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Confluent has a consensus rating of “Moderate Buy” and an average target price of $29.79.

Confluent Stock Performance

Shares of CFLT traded up $0.88 during mid-day trading on Friday, reaching $22.68. The company had a trading volume of 1,185,011 shares, compared to its average volume of 4,300,104. The stock has a 50 day moving average of $20.77 and a two-hundred day moving average of $24.90. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $7.21 billion, a P/E ratio of -18.13 and a beta of 0.88. Confluent has a 52-week low of $14.69 and a 52-week high of $35.07.

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

Insider Transactions at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,561,071.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CTO Chad Verbowski sold 13,540 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $293,547.20. Following the completion of the sale, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at approximately $10,770,775.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,561,071.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 524,453 shares of company stock valued at $10,833,388 over the last 90 days. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several large investors have recently modified their holdings of the stock. Hollencrest Capital Management acquired a new stake in Confluent during the first quarter valued at approximately $26,000. V Square Quantitative Management LLC acquired a new stake in shares of Confluent during the 2nd quarter valued at approximately $68,000. UniSuper Management Pty Ltd boosted its holdings in Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after purchasing an additional 1,500 shares during the period. Advisors Asset Management Inc. increased its stake in Confluent by 40.3% during the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after purchasing an additional 859 shares during the last quarter. Finally, Lazard Asset Management LLC raised its holdings in shares of Confluent by 25.5% during the first quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after purchasing an additional 1,167 shares during the period. Institutional investors own 78.09% of the company’s stock.

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.