Confluent (NASDAQ:CFLT) Price Target Raised to $36.00

Confluent (NASDAQ:CFLT) had its target price hoisted by Royal Bank of Canada from $33.00 to $36.00 in a report published on Friday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other analysts have also weighed in on the stock. Scotiabank boosted their target price on shares of Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. Wells Fargo & Company increased their price objective on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. TD Cowen lifted their target price on Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Sanford C. Bernstein dropped their price target on Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, Mizuho raised their price target on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.35.

Confluent Price Performance

CFLT opened at $29.26 on Friday. The company has a market capitalization of $9.60 billion, a P/E ratio of -26.36 and a beta of 0.91. The company has a 50-day moving average of $29.15 and a 200-day moving average of $24.93. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent has a 1-year low of $17.79 and a 1-year high of $35.07.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The firm had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. Equities analysts expect that Confluent will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Kong Phan sold 3,947 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $28.74, for a total transaction of $113,436.78. Following the completion of the sale, the chief accounting officer now directly owns 179,939 shares of the company’s stock, valued at $5,171,446.86. This trade represents a 2.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Matthew Craig Miller sold 53,512 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $33.64, for a total value of $1,800,143.68. The disclosure for this sale can be found here. Insiders have sold a total of 4,584,712 shares of company stock valued at $132,928,936 over the last three months. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of institutional investors have recently bought and sold shares of CFLT. Principal Financial Group Inc. increased its position in shares of Confluent by 10.5% in the second quarter. Principal Financial Group Inc. now owns 215,464 shares of the company’s stock worth $6,363,000 after acquiring an additional 20,504 shares in the last quarter. Rhumbline Advisers raised its stake in Confluent by 19.9% during the 2nd quarter. Rhumbline Advisers now owns 301,590 shares of the company’s stock valued at $8,906,000 after purchasing an additional 49,969 shares during the period. TD Asset Management Inc lifted its holdings in shares of Confluent by 4.5% in the second quarter. TD Asset Management Inc now owns 385,424 shares of the company’s stock valued at $11,382,000 after purchasing an additional 16,474 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Confluent by 1.7% in the second quarter. Victory Capital Management Inc. now owns 548,354 shares of the company’s stock worth $16,193,000 after buying an additional 9,424 shares during the period. Finally, Arizona State Retirement System grew its holdings in shares of Confluent by 7.8% during the second quarter. Arizona State Retirement System now owns 55,812 shares of the company’s stock valued at $1,648,000 after buying an additional 4,051 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.