Confluent (NASDAQ:CFLT) Given New $31.00 Price Target at Bank of America

Confluent (NASDAQ:CFLT) had its price target increased by Bank of America from $26.00 to $31.00 in a research report report published on Wednesday,Benzinga reports. Bank of America currently has an underperform rating on the stock.

Other research analysts also recently issued reports about the company. Guggenheim boosted their price target on Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a report on Friday, January 31st. Scotiabank increased their price target on shares of Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a report on Thursday, October 31st. Stifel Nicolaus lifted their price objective on shares of Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. Mizuho upped their price objective on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Royal Bank of Canada raised their target price on Confluent from $33.00 to $36.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned 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.com, the company has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Confluent Stock Up 25.1 %

Confluent stock opened at $37.65 on Wednesday. The business’s 50-day simple moving average is $29.58 and its two-hundred day simple moving average is $25.37. 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 company has a market cap of $12.35 billion, a PE ratio of -33.92 and a beta of 0.92. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $37.90.

Confluent (NASDAQ:CFLT) last issued its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS 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%. Equities analysts anticipate that Confluent will post -0.9 EPS for the current year.

Insider Transactions at Confluent

In related news, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the transaction, the insider now owns 687,483 shares in the company, valued at approximately $18,837,034.20. This trade represents a 8.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Kong Phan sold 2,096 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $59,170.08. Following the transaction, the chief accounting officer now directly owns 190,680 shares in the company, valued at $5,382,896.40. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,508,636 shares of company stock worth $47,198,798 in the last ninety days. Insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several hedge funds and other institutional investors have recently bought and sold shares of CFLT. Sanctuary Advisors LLC purchased a new stake in shares of Confluent in the 2nd quarter valued at approximately $462,000. Creative Planning grew its position in Confluent by 109.9% in the third quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after acquiring an additional 49,699 shares during the period. Lake Street Advisors Group LLC increased its stake in Confluent by 14.0% during the third quarter. Lake Street Advisors Group LLC now owns 18,481 shares of the company’s stock worth $377,000 after acquiring an additional 2,263 shares during the last quarter. US Bancorp DE raised its position in Confluent by 307.7% in the third quarter. US Bancorp DE now owns 16,702 shares of the company’s stock valued at $340,000 after purchasing an additional 12,605 shares during the period. Finally, Janney Capital Management LLC lifted its stake in shares of Confluent by 52.2% in the 3rd quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock valued at $406,000 after purchasing an additional 6,842 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.