Confluent (NASDAQ:CFLT) Given New $41.00 Price Target at Royal Bank of Canada

Confluent (NASDAQ:CFLT) had its target price hoisted by Royal Bank of Canada from $36.00 to $41.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other equities research analysts have also issued reports on the company. Morgan Stanley reissued an “equal weight” rating and set a $30.00 price target (down from $33.00) on shares of Confluent in a research report on Thursday, January 16th. Guggenheim increased their target price on shares of Confluent from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. Bank of America raised their price target on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday. Robert W. Baird boosted their price objective on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC raised their target price on shares of Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Confluent Price Performance

Shares of CFLT stock opened at $37.65 on Wednesday. The firm has a fifty day moving average of $29.58 and a two-hundred day moving average of $25.37. The firm has a market cap of $12.35 billion, a P/E ratio of -33.92 and a beta of 0.92. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24.

Confluent (NASDAQ:CFLT) last posted its quarterly 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 return on equity of 34.05% and a negative net margin of 38.35%. As a group, research analysts anticipate that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In related news, CAO Kong Phan sold 3,947 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the sale, the chief accounting officer now owns 179,939 shares in the company, valued at approximately $5,171,446.86. This represents a 2.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Craig Miller sold 541,850 shares of the firm’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. In the last 90 days, insiders have sold 1,508,636 shares of company stock valued at $47,198,798. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

A number of hedge funds have recently modified their holdings of CFLT. Vanguard Group Inc. grew its holdings in shares of Confluent by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock valued at $694,207,000 after buying an additional 599,582 shares in the last quarter. Champlain Investment Partners LLC boosted its position in Confluent by 72.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after acquiring an additional 4,486,841 shares during the period. Geode Capital Management LLC grew its stake in Confluent by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock valued at $123,339,000 after acquiring an additional 84,163 shares in the last quarter. Norges Bank acquired a new position in shares of Confluent in the 4th quarter valued at about $81,092,000. Finally, Atreides Management LP lifted its position in shares of Confluent by 7.3% in the third quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock worth $55,167,000 after purchasing an additional 184,865 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.