Wells Fargo & Company Raises Confluent (NASDAQ:CFLT) Price Target to $40.00

Confluent (NASDAQ:CFLT) had its price target upped by research analysts at Wells Fargo & Company from $35.00 to $40.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 19.62% from the stock’s previous close.

Several other brokerages have also commented on CFLT. DA Davidson restated a “buy” rating and set a $30.00 price target on shares of Confluent in a research note on Wednesday, September 18th. Barclays increased their target price on Confluent from $29.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Wolfe Research upgraded shares of Confluent to a “strong-buy” rating in a research note on Wednesday, September 18th. JPMorgan Chase & Co. boosted their price objective on shares of Confluent from $25.00 to $26.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Mizuho increased their price objective on shares of Confluent from $29.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Confluent currently has an average rating of “Moderate Buy” and an average target price of $31.12.

Confluent Trading Up 1.1 %

Shares of NASDAQ CFLT traded up $0.36 on Thursday, reaching $33.44. 418,207 shares of the company traded hands, compared to its average volume of 4,350,234. The company has a 50 day moving average of $24.86 and a 200 day moving average of $24.58. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $35.07. The stock has a market capitalization of $10.97 billion, a PE ratio of -30.01 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The company had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. On average, equities research analysts forecast that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Activity at Confluent

In other news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $31.60, for a total transaction of $2,013,836.40. Following the transaction, the insider now directly owns 678,016 shares in the company, valued at $21,425,305.60. The trade was a 8.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Kong Phan sold 2,096 shares of Confluent stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $59,170.08. Following the sale, the chief accounting officer now directly owns 190,680 shares of the company’s stock, valued at approximately $5,382,896.40. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,005,379 shares of company stock valued at $114,176,175. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several institutional investors have recently bought and sold shares of the stock. Oddo BHF Asset Management Sas acquired a new position in shares of Confluent during the 3rd quarter valued at about $7,646,000. Tidal Investments LLC grew its holdings in Confluent by 521.0% during the third quarter. Tidal Investments LLC now owns 50,545 shares of the company’s stock valued at $1,030,000 after purchasing an additional 42,406 shares during the last quarter. Sanctuary Advisors LLC raised its position in shares of Confluent by 21.2% in the third quarter. Sanctuary Advisors LLC now owns 18,825 shares of the company’s stock valued at $384,000 after purchasing an additional 3,298 shares during the period. Westside Investment Management Inc. lifted its stake in shares of Confluent by 11,796.1% in the third quarter. Westside Investment Management Inc. now owns 12,253 shares of the company’s stock worth $250,000 after buying an additional 12,150 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Confluent by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock worth $88,180,000 after buying an additional 107,510 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors.

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.