Royal Bank of Canada Forecasts Strong Price Appreciation for Confluent (NASDAQ:CFLT) Stock

Confluent (NASDAQ:CFLT) had its target price boosted by Royal Bank of Canada from $36.00 to $41.00 in a research report released on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

CFLT has been the topic of a number of other research reports. Scotiabank raised their price target on shares of Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a report on Thursday, October 31st. Citigroup boosted their price target on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Stifel Nicolaus upped their price target on Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. Sanford C. Bernstein cut their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $40.00 target price on shares of Confluent in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Confluent Stock Performance

Shares of CFLT stock opened at $37.65 on Wednesday. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The stock’s 50-day moving average is $29.58 and its two-hundred day moving average is $25.37. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The firm has a market cap of $12.35 billion, a P/E ratio of -33.92 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. Analysts predict that Confluent will post -0.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Kong Phan sold 2,096 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $59,170.08. Following the completion of the transaction, the chief accounting officer now directly owns 190,680 shares in the company, valued at approximately $5,382,896.40. This represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lara Caimi sold 34,500 shares of Confluent stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $31.32, for a total transaction of $1,080,540.00. Following the sale, the director now owns 7,160 shares in the company, valued at $224,251.20. This represents a 82.81 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,508,636 shares of company stock worth $47,198,798. 13.82% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its stake in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after purchasing an additional 1,607 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Confluent in the 4th quarter worth approximately $59,000. Point72 Hong Kong Ltd acquired a new position in shares of Confluent in the 3rd quarter worth approximately $68,000. GAMMA Investing LLC lifted its position in shares of Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after buying an additional 1,136 shares during the period. Finally, AlphaQuest LLC boosted its stake in Confluent by 22,112.5% in the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after buying an additional 3,538 shares in the last quarter. 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.