JMP Securities Increases Confluent (NASDAQ:CFLT) Price Target to $40.00

Confluent (NASDAQ:CFLT) had its price target boosted by equities researchers at JMP Securities from $38.00 to $40.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ target price would suggest a potential upside of 32.14% from the company’s current price.

CFLT has been the topic of several other research reports. Loop Capital assumed coverage on shares of Confluent in a report on Tuesday, January 30th. They issued a “hold” rating and a $23.00 target price on the stock. Truist Financial reiterated a “buy” rating and issued a $36.00 price target (up previously from $33.00) on shares of Confluent in a research note on Wednesday. Royal Bank of Canada raised their price objective on Confluent from $35.00 to $37.00 and gave the company an “outperform” rating in a research report on Wednesday, February 14th. Barclays boosted their target price on Confluent from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Wells Fargo & Company raised their price target on Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $32.65.

Confluent Price Performance

Shares of Confluent stock traded up $2.44 during trading hours on Wednesday, hitting $30.27. The company’s stock had a trading volume of 7,739,613 shares, compared to its average volume of 4,804,305. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. Confluent has a 12-month low of $14.69 and a 12-month high of $41.22. The business has a 50 day moving average price of $30.23 and a two-hundred day moving average price of $26.24. The company has a market cap of $9.46 billion, a PE ratio of -20.61 and a beta of 0.93.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. The business had revenue of $213.18 million during the quarter, compared to analysts’ expectations of $204.62 million. Analysts expect that Confluent will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the sale, the chief technology officer now directly owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Confluent news, CTO Chad Verbowski sold 8,086 shares of Confluent stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total transaction of $252,283.20. Following the completion of the sale, the chief technology officer now directly owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michelangelo Volpi sold 637,268 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $31.73, for a total value of $20,220,513.64. Following the transaction, the director now directly owns 302,306 shares in the company, valued at approximately $9,592,169.38. The disclosure for this sale can be found here. Insiders have sold 1,433,170 shares of company stock valued at $46,438,029 in the last 90 days. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several hedge funds have recently modified their holdings of CFLT. ProShare Advisors LLC lifted its stake in shares of Confluent by 19.6% during the 1st quarter. ProShare Advisors LLC now owns 11,719 shares of the company’s stock worth $358,000 after purchasing an additional 1,922 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Confluent by 0.7% in the first quarter. Russell Investments Group Ltd. now owns 260,808 shares of the company’s stock worth $7,960,000 after purchasing an additional 1,707 shares in the last quarter. Inspire Investing LLC purchased a new stake in shares of Confluent during the first quarter valued at about $1,522,000. Highland Capital Management LLC purchased a new stake in shares of Confluent during the first quarter valued at about $1,181,000. Finally, Oppenheimer & Co. Inc. grew its position in shares of Confluent by 86.0% in the 1st quarter. Oppenheimer & Co. Inc. now owns 23,670 shares of the company’s stock worth $722,000 after buying an additional 10,944 shares during 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.