Robert W. Baird Increases Confluent (NASDAQ:CFLT) Price Target to $28.00

Confluent (NASDAQ:CFLT) had its target price upped by equities research analysts at Robert W. Baird from $23.00 to $28.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Robert W. Baird’s price objective points to a potential upside of 6.79% from the stock’s previous close.

Several other equities research analysts also recently commented on CFLT. Evercore ISI cut their price objective on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Piper Sandler cut their price objective on Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Citigroup increased their price target on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft dropped their price target on Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. increased their price target on Confluent from $25.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.28.

Confluent Trading Up 0.2 %

NASDAQ:CFLT opened at $26.22 on Thursday. Confluent has a twelve month low of $14.69 and a twelve month high of $35.07. 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 business has a 50 day moving average price of $21.04 and a two-hundred day moving average price of $24.67. The company has a market cap of $8.46 billion, a P/E ratio of -23.62 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.03. The company had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative return on equity of 34.97% and a negative net margin of 38.35%. As a group, analysts expect that Confluent will post -0.95 EPS for the current fiscal year.

Insider Activity

In other news, CTO Chad Verbowski sold 13,540 shares of Confluent stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $293,547.20. Following 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CTO Chad Verbowski sold 13,540 shares of Confluent stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $293,547.20. Following 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,045,235.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 524,453 shares of company stock valued at $10,833,388. 13.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Confluent

A number of hedge funds have recently made changes to their positions in CFLT. Wealth Enhancement Advisory Services LLC raised its position in shares of Confluent by 4.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 26,352 shares of the company’s stock worth $804,000 after acquiring an additional 1,062 shares during the last quarter. Diversified Trust Co bought a new stake in Confluent in the first quarter worth approximately $639,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Confluent by 1.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 366,116 shares of the company’s stock worth $11,174,000 after purchasing an additional 5,362 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Confluent by 129.3% in the first quarter. Commonwealth Equity Services LLC now owns 32,617 shares of the company’s stock worth $995,000 after purchasing an additional 18,391 shares in the last quarter. Finally, Smith Group Asset Management LLC bought a new stake in Confluent in the first quarter worth approximately $204,000. 78.09% of the stock is currently owned by institutional investors.

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.