Confluent (NASDAQ:CFLT) Price Target Raised to $40.00

Confluent (NASDAQ:CFLT) had its target price raised by Truist Financial from $35.00 to $40.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Other analysts also recently issued reports about the stock. Citigroup increased their price target on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. TD Cowen increased their target price on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Barclays boosted their price target on Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday. Canaccord Genuity Group raised their price objective on Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Evercore ISI boosted their price objective on Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Confluent currently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Confluent Trading Down 3.8 %

Shares of NASDAQ:CFLT opened at $34.85 on Wednesday. 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 stock’s 50-day moving average is $29.67 and its 200-day moving average is $25.52. The company has a market cap of $11.43 billion, a P/E ratio of -31.40 and a beta of 0.92. Confluent has a 52-week low of $17.79 and a 52-week high of $37.90.

Confluent (NASDAQ:CFLT) last released its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (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 research analysts predict that Confluent will post -0.9 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Matthew Craig Miller sold 541,850 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $30.32, for a total transaction of $16,428,892.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Erica Schultz sold 63,729 shares of the firm’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 owns 687,483 shares in the company, valued at approximately $18,837,034.20. This represents a 8.48 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,508,636 shares of company stock valued at $47,198,798. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Credit Industriel ET Commercial bought a new position in Confluent in the fourth quarter valued at $28,000. Blue Trust Inc. grew its stake in shares of Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after buying an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Confluent in the fourth quarter valued at $59,000. GAMMA Investing LLC increased its holdings in 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, Point72 Hong Kong Ltd bought a new stake in Confluent during the third quarter worth $68,000. 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.