Scotiabank Boosts Confluent (NASDAQ:CFLT) Price Target to $35.00

Confluent (NASDAQ:CFLT) had its target price boosted by Scotiabank from $27.00 to $35.00 in a research report released on Wednesday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

Other research analysts also recently issued reports about the company. Mizuho increased their target price on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Guggenheim lifted their price objective on shares of Confluent from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday. Citigroup upped their target price on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Piper Sandler lifted their price target on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, UBS Group boosted their price objective on Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Confluent Stock Performance

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. 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 company has a fifty day moving average of $29.67 and a 200 day moving average of $25.52. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $37.90.

Confluent (NASDAQ:CFLT) last issued its 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%. As a group, sell-side analysts forecast that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $27.40, for a total value of $1,746,174.60. Following the sale, the insider now owns 687,483 shares in the company, valued at $18,837,034.20. This represents a 8.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Craig Miller sold 541,850 shares of Confluent stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $30.32, for a total value of $16,428,892.00. The disclosure for this sale can be found here. Insiders have sold 1,508,636 shares of company stock valued at $47,198,798 in the last ninety days. Insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of hedge funds and other institutional investors have recently made changes to their positions in CFLT. Vanguard Group Inc. boosted its holdings in Confluent by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock worth $694,207,000 after buying an additional 599,582 shares in the last quarter. Champlain Investment Partners LLC boosted its stake in shares of Confluent by 1.3% during the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock worth $302,940,000 after acquiring an additional 133,908 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Confluent by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock valued at $123,339,000 after acquiring an additional 84,163 shares during the period. Jericho Capital Asset Management L.P. increased its stake in shares of Confluent by 18.1% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock valued at $83,880,000 after purchasing an additional 459,000 shares in the last quarter. Finally, Norges Bank acquired a new position in Confluent in the 4th quarter worth about $81,092,000. Institutional investors and hedge funds 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.