Confluent (NASDAQ:CFLT) Given New $34.00 Price Target at UBS Group

Confluent (NASDAQ:CFLT) had its target price upped by research analysts at UBS Group from $26.00 to $34.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. UBS Group’s price target suggests a potential downside of 6.24% from the stock’s current price.

A number of other research analysts also recently issued reports on the company. JMP Securities reiterated a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a research note on Tuesday, October 29th. Sanford C. Bernstein decreased 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. Truist Financial lifted their target price on shares of Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Robert W. Baird increased their price target on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Finally, Needham & Company LLC upped their price objective on Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Confluent has a consensus rating of “Moderate Buy” and an average target price of $34.74.

Confluent Trading Up 20.5 %

Shares of NASDAQ CFLT traded up $6.16 during trading hours on Wednesday, hitting $36.26. The company’s stock had a trading volume of 11,238,196 shares, compared to its average volume of 4,558,288. Confluent has a 12 month low of $17.79 and a 12 month high of $36.62. The stock has a market cap of $11.89 billion, a price-to-earnings ratio of -32.56 and a beta of 0.92. 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 business has a 50-day simple moving average of $29.49 and a 200-day simple moving average of $25.28.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. On average, analysts anticipate that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In other Confluent news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the completion of the transaction, the insider now directly owns 687,483 shares in the company, valued at approximately $18,837,034.20. This represents a 8.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Matthew Craig Miller sold 541,850 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $30.32, for a total transaction of $16,428,892.00. The disclosure for this sale can be found here. Insiders sold 1,508,636 shares of company stock valued at $47,198,798 in the last quarter. 13.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Confluent

Hedge funds have recently bought and sold shares of the business. Champlain Investment Partners LLC boosted its position in shares of Confluent by 72.2% during the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after buying an additional 4,486,841 shares during the period. Norges Bank purchased a new position in Confluent in the fourth quarter worth approximately $81,092,000. Pictet Asset Management Holding SA lifted its position in Confluent by 7,342.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock valued at $65,748,000 after acquiring an additional 2,319,919 shares during the last quarter. Fiera Capital Corp acquired a new stake in shares of Confluent in the 3rd quarter valued at about $21,127,000. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Confluent by 46.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock valued at $51,224,000 after buying an additional 802,353 shares during 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.