Confluent (NASDAQ:CFLT) Price Target Raised to $31.00

Confluent (NASDAQ:CFLT) had its price objective increased by Bank of America from $26.00 to $31.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an underperform rating on the stock.

A number of other research analysts have also recently weighed in on the stock. Mizuho raised their price objective on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Piper Sandler raised their price target on Confluent from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. UBS Group boosted their price target on Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Sanford C. Bernstein dropped their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Scotiabank upped their target price on shares of Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Confluent Stock Performance

Shares of CFLT stock opened at $34.85 on Wednesday. The stock has a fifty day moving average price of $29.67 and a 200 day moving average price of $25.52. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. The stock has a market cap of $11.43 billion, a PE ratio of -31.40 and a beta of 0.92. Confluent has a 1 year low of $17.79 and a 1 year high of $37.90.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results 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 return on equity of 34.05% and a negative net margin of 38.35%. Sell-side analysts forecast that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In related news, Director Matthew Craig Miller sold 541,850 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $30.32, for a total transaction of $16,428,892.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO Chad Verbowski sold 13,414 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $378,677.22. Following the transaction, the chief technology officer now directly owns 483,393 shares in the company, valued at $13,646,184.39. This trade represents a 2.70 % 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 90 days. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CFLT. Credit Industriel ET Commercial purchased a new position in Confluent in the 4th quarter valued at about $28,000. Blue Trust Inc. lifted its stake in shares of Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after acquiring an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Confluent in the fourth quarter valued at about $59,000. Point72 Hong Kong Ltd acquired a new stake in Confluent during the 3rd quarter valued at approximately $68,000. Finally, GAMMA Investing LLC increased its holdings in Confluent by 85.3% during the 4th 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 last quarter. Hedge funds and other 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.