Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, TD Cowen Analyst Says

Confluent (NASDAQ:CFLT) had its price objective lifted by equities research analysts at TD Cowen from $27.00 to $31.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective would indicate a potential upside of 17.34% from the stock’s current price.

Other equities analysts have also issued reports about the company. Wolfe Research upgraded Confluent to a “strong-buy” rating in a research note on Wednesday, September 18th. Evercore ISI lowered their price objective on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 target price on shares of Confluent in a research report on Tuesday. JPMorgan Chase & Co. boosted their price target on shares of Confluent from $25.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Loop Capital reduced their price objective on shares of Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.10.

Confluent Stock Performance

Shares of CFLT traded up $3.35 during mid-day trading on Thursday, hitting $26.42. The company’s stock had a trading volume of 9,453,504 shares, compared to its average volume of 4,324,732. The stock’s 50-day moving average is $20.84 and its two-hundred day moving average is $24.67. The firm has a market capitalization of $8.53 billion, a PE ratio of -22.56 and a beta of 0.88. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. Confluent has a one year low of $14.69 and a one year high of $35.07.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share 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 the consensus estimate of $243.98 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. As a group, sell-side analysts anticipate that Confluent will post -0.95 EPS for the current year.

Insiders Place Their Bets

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,045,235.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at $9,045,235.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Erica Schultz sold 9,556 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $207,174.08. Following the completion of the sale, the insider now owns 687,483 shares of the company’s stock, valued at approximately $14,904,631.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 524,453 shares of company stock worth $10,833,388 in the last ninety days. 13.82% of the stock is currently owned by insiders.

Institutional Trading of Confluent

A number of institutional investors have recently made changes to their positions in the stock. Janney Capital Management LLC raised its holdings in Confluent by 52.2% during the 3rd quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock valued at $406,000 after buying an additional 6,842 shares during the last quarter. US Bancorp DE increased its position in shares of 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 acquiring an additional 12,605 shares during the period. Lake Street Advisors Group LLC raised its stake in shares of Confluent by 14.0% during the third quarter. Lake Street Advisors Group LLC now owns 18,481 shares of the company’s stock valued at $377,000 after acquiring an additional 2,263 shares during the last quarter. SWS Partners purchased a new stake in shares of Confluent during the third quarter worth about $802,000. Finally, Creative Planning boosted its holdings in shares of Confluent by 109.9% during the third quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after purchasing an additional 49,699 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.