Confluent (NASDAQ:CFLT) Price Target Increased to $30.00 by Analysts at The Goldman Sachs Group

Confluent (NASDAQ:CFLT) had its target price boosted by research analysts at The Goldman Sachs Group from $27.00 to $30.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential downside of 4.40% from the stock’s previous close.

Several other research firms also recently commented on CFLT. Stifel Nicolaus started coverage on Confluent in a report on Wednesday, February 21st. They set a “buy” rating and a $40.00 price objective for the company. Wells Fargo & Company boosted their price target on shares of Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday. JMP Securities raised their price objective on shares of Confluent from $38.00 to $40.00 and gave the company a “market outperform” rating in a research note on Wednesday. Loop Capital initiated coverage on shares of Confluent in a research report on Tuesday, January 30th. They set a “hold” rating and a $23.00 target price for the company. Finally, UBS Group upped their target price on shares of Confluent from $21.00 to $26.00 and gave the stock a “neutral” rating in a report on Monday, February 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.88.

Confluent Price Performance

Shares of NASDAQ CFLT opened at $31.38 on Thursday. The firm has a market capitalization of $9.81 billion, a P/E ratio of -21.35 and a beta of 0.93. The firm’s 50-day moving average price is $30.20 and its 200-day moving average price is $26.28. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. Confluent has a 1-year low of $14.69 and a 1-year high of $41.22.

Confluent (NASDAQ:CFLT) last issued its 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). The firm had revenue of $213.18 million during the quarter, compared to the consensus estimate of $204.62 million. Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. Equities research analysts anticipate that Confluent will post -0.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Chad Verbowski sold 8,086 shares of Confluent stock in a transaction that occurred on 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 transaction, the chief technology officer now directly owns 532,072 shares in the company, valued at approximately $16,600,646.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Confluent news, CTO Chad Verbowski sold 8,086 shares of Confluent stock in a transaction dated 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 transaction, the chief technology officer now owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the completion of the sale, the insider now directly owns 479,537 shares in the company, valued at $15,225,299.75. The disclosure for this sale can be found here. Insiders sold 1,433,170 shares of company stock worth $46,438,029 over the last quarter. 13.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Confluent by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 19,071,645 shares of the company’s stock worth $446,276,000 after purchasing an additional 647,251 shares during the period. Coatue Management LLC purchased a new position in Confluent during the fourth quarter worth about $134,132,000. First Trust Advisors LP increased its stake in Confluent by 15.3% in the 4th quarter. First Trust Advisors LP now owns 5,551,696 shares of the company’s stock worth $129,910,000 after acquiring an additional 738,147 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Confluent by 14.0% in the 3rd quarter. Invesco Ltd. now owns 3,824,055 shares of the company’s stock valued at $113,230,000 after acquiring an additional 470,002 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Confluent by 5.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,931,677 shares of the company’s stock valued at $45,201,000 after acquiring an additional 104,801 shares during the last quarter. 78.09% of the stock is owned by institutional investors.

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.