Confluent (NASDAQ:CFLT) Price Target Raised to $32.00

Confluent (NASDAQ:CFLT) had its price objective boosted by research analysts at Morgan Stanley from $30.00 to $32.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential downside of 13.82% from the stock’s previous close.

Several other research analysts have also commented on the stock. Evercore ISI increased their price target on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Bank of America upped their price objective on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday. Mizuho upped their price objective on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Barclays upped their price objective on shares of Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Confluent Stock Up 23.4 %

Confluent stock traded up $7.03 during trading hours on Wednesday, hitting $37.13. The company had a trading volume of 13,004,692 shares, compared to its average volume of 4,620,318. The firm has a market capitalization of $12.18 billion, a P/E ratio of -33.45 and a beta of 0.92. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The firm’s fifty day moving average is $29.49 and its 200-day moving average is $25.28. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $36.94.

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 the consensus estimate 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, research analysts forecast that Confluent will post -0.9 earnings per share for the current year.

Insider Buying and Selling

In other Confluent news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $27.40, for a total value of $1,746,174.60. Following the completion of the transaction, the insider now directly owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. The trade was a 8.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CMO Stephanie Buscemi sold 5,271 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $148,800.33. Following the completion of the transaction, the chief marketing officer now directly owns 144,373 shares of the company’s stock, valued at approximately $4,075,649.79. This represents a 3.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,508,636 shares of company stock worth $47,198,798 in the last quarter. 13.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Confluent

Institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. raised its stake in shares of Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after buying an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Confluent during the fourth quarter worth approximately $59,000. Point72 Hong Kong Ltd bought a new stake in shares of Confluent during the third quarter worth approximately $68,000. GAMMA Investing LLC raised its stake in shares of Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after buying an additional 1,136 shares during the last quarter. Finally, AlphaQuest LLC raised its stake in shares of Confluent by 22,112.5% during the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock worth $99,000 after buying an additional 3,538 shares during the last quarter. 78.09% of the stock is 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.