Confluent (NASDAQ:CFLT) Price Target Raised to $36.00 at Royal Bank of Canada

Confluent (NASDAQ:CFLT) had its target price lifted by Royal Bank of Canada from $33.00 to $36.00 in a report released on Friday,Benzinga reports. They currently have an outperform rating on the stock.

CFLT has been the topic of a number of other reports. Scotiabank increased their price objective on Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. Robert W. Baird lifted their target price on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. raised their price target on Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Wolfe Research raised Confluent to a “strong-buy” rating in a research note on Wednesday, September 18th. Finally, TD Cowen increased their price objective on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $32.35.

Confluent Trading Up 3.6 %

Shares of NASDAQ:CFLT opened at $29.26 on Friday. Confluent has a 12-month low of $17.79 and a 12-month high of $35.07. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $9.60 billion, a P/E ratio of -26.36 and a beta of 0.91. The firm has a fifty day moving average of $29.15 and a two-hundred day moving average of $24.93.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. The firm had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. On average, equities analysts expect that Confluent will post -0.9 EPS for the current fiscal year.

Insider Activity

In other news, CMO Stephanie Buscemi sold 5,271 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $148,800.33. Following the transaction, the chief marketing officer now owns 144,373 shares in the company, valued at approximately $4,075,649.79. This trade represents a 3.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Kong Phan sold 2,096 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $59,170.08. Following the completion of the sale, the chief accounting officer now owns 190,680 shares of the company’s stock, valued at $5,382,896.40. This trade represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,584,712 shares of company stock valued at $132,928,936 over the last ninety days. 13.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Confluent

A number of hedge funds and other institutional investors have recently modified their holdings of CFLT. Diversified Trust Co increased its position in Confluent by 110.3% during the third quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after acquiring an additional 31,729 shares during the period. Sycomore Asset Management increased its holdings in shares of Confluent by 308.3% during the second quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock worth $9,176,000 after purchasing an additional 251,507 shares during the period. Quantbot Technologies LP raised its position in shares of Confluent by 1,465.6% in the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock valued at $617,000 after buying an additional 28,360 shares in the last quarter. Pathway Capital Management LP bought a new stake in shares of Confluent in the third quarter valued at approximately $918,000. Finally, Charles Schwab Investment Management Inc. grew its position in Confluent by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after buying an additional 64,926 shares in the last quarter. 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.