Scotiabank Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its target price boosted by investment analysts at Scotiabank from $25.00 to $27.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s price objective points to a potential upside of 3.41% from the stock’s current price.

A number of other research firms have also weighed in on CFLT. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Citigroup lifted their price objective on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday. Bank of America decreased their target price on Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a report on Thursday, August 1st. UBS Group raised their price target on Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Sanford C. Bernstein reduced their price objective on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.28.

Confluent Trading Up 13.2 %

CFLT stock traded up $3.04 during midday trading on Thursday, hitting $26.11. The company had a trading volume of 10,352,551 shares, compared to its average volume of 4,328,993. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of -22.07 and a beta of 0.88. Confluent has a 52 week low of $14.69 and a 52 week high of $35.07. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. The stock’s 50 day moving average price is $20.84 and its 200 day moving average price is $24.67.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. The company had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. As a group, equities research analysts expect that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Activity at Confluent

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 shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at approximately $3,505,070.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction 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 transaction, the chief marketing officer now owns 161,673 shares in the company, valued at $3,505,070.64. The trade was 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 through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $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. In the last ninety days, insiders have sold 524,453 shares of company stock valued at $10,833,388. 13.82% of the stock is owned by insiders.

Institutional Trading of Confluent

Large investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC lifted its position in Confluent by 4.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 26,352 shares of the company’s stock valued at $804,000 after purchasing an additional 1,062 shares during the period. Diversified Trust Co bought a new stake in Confluent in the 1st quarter worth approximately $639,000. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Confluent by 1.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 366,116 shares of the company’s stock valued at $11,174,000 after buying an additional 5,362 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Confluent by 129.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 32,617 shares of the company’s stock valued at $995,000 after buying an additional 18,391 shares during the period. Finally, Smith Group Asset Management LLC purchased a new position in shares of Confluent in the 1st quarter worth $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.