Confluent (NASDAQ:CFLT) Given New $26.00 Price Target at JPMorgan Chase & Co.

Confluent (NASDAQ:CFLT) had its target price boosted by stock analysts at JPMorgan Chase & Co. from $25.00 to $26.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 14.64% from the stock’s previous close.

Several other research firms have also recently commented on CFLT. Baird R W raised Confluent to a “hold” rating in a research note on Wednesday, September 4th. Stifel Nicolaus decreased their price objective on Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a report on Thursday, August 1st. DA Davidson reiterated a “buy” rating and issued a $30.00 target price on shares of Confluent in a research note on Wednesday, September 18th. Needham & Company LLC reiterated a “buy” rating and set a $28.00 target price on shares of Confluent in a research note on Monday, September 23rd. Finally, Citigroup lowered their price objective on shares of Confluent from $32.00 to $28.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and an average target price of $29.79.

Confluent Price Performance

NASDAQ CFLT traded up $0.88 on Friday, hitting $22.68. 1,185,011 shares of the company’s stock were exchanged, compared to its average volume of 4,300,104. Confluent has a 52 week low of $14.69 and a 52 week high of $35.07. The stock has a 50-day moving average of $20.77 and a 200-day moving average of $24.90. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. The stock has a market cap of $7.21 billion, a price-to-earnings ratio of -18.13 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The business had revenue of $234.99 million for the quarter, compared to analyst estimates of $229.49 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. Analysts expect that Confluent will post -0.95 earnings per share for the current year.

Insider Buying and Selling at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,045,235.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,045,235.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Rohan Sivaram sold 22,926 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $497,035.68. Following the completion of the transaction, the chief financial officer now owns 555,337 shares of the company’s stock, valued at $12,039,706.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 524,453 shares of company stock valued at $10,833,388. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several institutional investors have recently bought and sold shares of the stock. Hollencrest Capital Management purchased a new stake in shares of Confluent in the first quarter valued at $26,000. V Square Quantitative Management LLC purchased a new stake in shares of Confluent during the second quarter valued at $68,000. UniSuper Management Pty Ltd boosted its holdings in shares of Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after purchasing an additional 1,500 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after purchasing an additional 859 shares in the last quarter. Finally, Lazard Asset Management LLC raised its holdings in Confluent by 25.5% in the first quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after purchasing an additional 1,167 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other 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.