Truist Financial Forecasts Strong Price Appreciation for Confluent (NASDAQ:CFLT) Stock

Confluent (NASDAQ:CFLT) had its price objective hoisted by equities researchers at Truist Financial from $32.00 to $35.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 11.43% from the company’s current price.

Several other analysts have also recently weighed in on CFLT. Scotiabank boosted their price objective on shares of Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 price objective on shares of Confluent in a report on Tuesday, October 29th. Barclays boosted their price target on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Citigroup increased their price target on shares of Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $31.00 price objective on shares of Confluent in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $31.88.

Confluent Trading Up 0.7 %

Shares of NASDAQ:CFLT traded up $0.21 during midday trading on Thursday, hitting $31.41. The company had a trading volume of 923,206 shares, compared to its average volume of 4,340,200. The stock has a market cap of $10.30 billion, a price-to-earnings ratio of -28.30 and a beta of 0.88. Confluent has a 12 month low of $17.79 and a 12 month high of $35.07. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The firm has a fifty day simple moving average of $26.41 and a 200 day simple moving average of $24.68.

Confluent (NASDAQ:CFLT) last announced 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 business had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. On average, analysts predict that Confluent will post -0.9 EPS for the current year.

Insiders Place Their Bets

In other news, Director Matthew Craig Miller sold 347,646 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $32.69, for a total transaction of $11,364,547.74. Following the sale, the director now directly owns 22,688 shares of the company’s stock, valued at $741,670.72. This represents a 93.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Stephanie Buscemi sold 164,123 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $26.24, for a total value of $4,306,587.52. Following the completion of the transaction, the chief marketing officer now directly owns 149,644 shares in the company, valued at $3,926,658.56. This trade represents a 52.31 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,470,266 shares of company stock valued at $129,329,849. 13.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CFLT. V Square Quantitative Management LLC purchased a new position in shares of Confluent during the 2nd quarter worth approximately $68,000. Point72 Hong Kong Ltd acquired a new stake in Confluent during the 3rd quarter valued at $68,000. Acadian Asset Management LLC acquired a new stake in shares of Confluent during the second quarter worth $175,000. Plato Investment Management Ltd boosted its holdings in shares of Confluent by 2,184.1% during the second quarter. Plato Investment Management Ltd now owns 6,601 shares of the company’s stock worth $195,000 after purchasing an additional 6,312 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of Confluent during the third quarter worth $214,000. 78.09% of the stock is owned by institutional investors and hedge funds.

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.