Confluent (NASDAQ:CFLT) Price Target Increased to $40.00 by Analysts at Royal Bank of Canada

Confluent (NASDAQ:CFLT) had its price objective upped by Royal Bank of Canada from $37.00 to $40.00 in a report published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

CFLT has been the topic of a number of other reports. TD Cowen raised their price objective on shares of Confluent from $34.00 to $37.00 and gave the company a buy rating in a report on Wednesday. Guggenheim raised their price target on Confluent from $35.00 to $37.00 and gave the company a buy rating in a research note on Wednesday. DA Davidson reaffirmed a buy rating and set a $37.00 price objective on shares of Confluent in a research report on Monday, April 1st. Mizuho cut their target price on Confluent from $38.00 to $36.00 and set a buy rating on the stock in a research report on Monday, April 15th. Finally, Stifel Nicolaus started coverage on shares of Confluent in a research note on Wednesday, February 21st. They issued a buy rating and a $40.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $32.77.

Confluent Stock Performance

NASDAQ:CFLT opened at $31.38 on Wednesday. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $41.22. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. The company has a 50 day moving average price of $30.20 and a 200 day moving average price of $26.28. The stock has a market capitalization of $9.81 billion, a P/E ratio of -21.35 and a beta of 0.93.

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

Insider Buying and Selling

In other Confluent news, CTO Chad Verbowski sold 5,963 shares of Confluent stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $191,710.45. Following the sale, the chief technology officer now owns 404,412 shares of the company’s stock, valued at approximately $13,001,845.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO Chad Verbowski sold 5,963 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total transaction of $191,710.45. Following the transaction, the chief technology officer now directly owns 404,412 shares of the company’s stock, valued at approximately $13,001,845.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CMO Stephanie Buscemi sold 2,724 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total transaction of $87,576.60. Following the transaction, the chief marketing officer now owns 109,002 shares in the company, valued at $3,504,414.30. The disclosure for this sale can be found here. Insiders sold a total of 1,433,170 shares of company stock valued at $46,438,029 over the last three months. 13.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Confluent

Several hedge funds and other institutional investors have recently bought and sold shares of CFLT. Dynamic Technology Lab Private Ltd raised its position in Confluent by 1.9% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock worth $448,000 after acquiring an additional 359 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Confluent by 5.0% in the fourth quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock worth $274,000 after acquiring an additional 556 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Confluent by 0.3% in the third quarter. Rhumbline Advisers now owns 243,828 shares of the company’s stock valued at $7,220,000 after acquiring an additional 629 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Confluent by 6.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the company’s stock valued at $264,000 after acquiring an additional 700 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its stake in shares of Confluent by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock valued at $1,921,000 after acquiring an additional 800 shares during the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

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.