Piper Sandler Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its target price increased by equities research analysts at Piper Sandler from $35.00 to $40.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 12.39% from the stock’s previous close.

CFLT has been the topic of a number of other reports. Sanford C. Bernstein lowered their target price on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 price target on shares of Confluent in a research report on Tuesday, October 29th. Canaccord Genuity Group boosted their price objective on Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday. Bank of America raised their target price on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their price target on Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $33.78.

Confluent Price Performance

NASDAQ CFLT opened at $35.59 on Wednesday. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $11.67 billion, a PE ratio of -31.43 and a beta of 0.92. Confluent has a 12-month low of $17.79 and a 12-month high of $35.07. The company has a 50 day moving average price of $29.49 and a two-hundred day moving average price of $25.28.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) 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%. As a group, equities analysts predict that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In other Confluent news, CAO Kong Phan sold 2,096 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $59,170.08. Following the completion of the sale, the chief accounting officer now owns 190,680 shares in the company, valued at approximately $5,382,896.40. This trade represents a 1.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Craig Miller sold 541,850 shares of the company’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,508,636 shares of company stock valued at $47,198,798. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of institutional investors and hedge funds have recently made changes to their positions in CFLT. Sanctuary Advisors LLC acquired a new position in shares of Confluent in the 2nd quarter valued at $462,000. Creative Planning boosted its stake in Confluent by 109.9% during the 3rd 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 last quarter. Lake Street Advisors Group LLC boosted its position 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 worth $377,000 after purchasing an additional 2,263 shares in the last quarter. US Bancorp DE grew its holdings in shares of Confluent by 307.7% in the 3rd quarter. US Bancorp DE now owns 16,702 shares of the company’s stock valued at $340,000 after buying an additional 12,605 shares during the period. Finally, Janney Capital Management LLC increased its position 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 buying an additional 6,842 shares in the last quarter. 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.