Bank of America Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its target price hoisted by Bank of America from $26.00 to $31.00 in a research report report published on Wednesday,Benzinga reports. Bank of America currently has an underperform rating on the stock.

A number of other brokerages have also recently weighed in on CFLT. Robert W. Baird lifted their price objective on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. TD Cowen boosted their price target on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Guggenheim increased their price objective on Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, January 31st. Truist Financial boosted their target price on Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Finally, Morgan Stanley restated an “equal weight” rating and set a $30.00 price target (down previously from $33.00) on shares of Confluent in a report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Confluent has an average rating of “Moderate Buy” and an average price target of $35.00.

Confluent Stock Up 25.1 %

NASDAQ:CFLT opened at $37.65 on Wednesday. Confluent has a 52 week low of $17.79 and a 52 week high of $37.90. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The stock’s fifty day moving average is $29.58 and its two-hundred day moving average is $25.37. The stock has a market capitalization of $12.35 billion, a price-to-earnings ratio of -33.92 and a beta of 0.92.

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

Insider Transactions at Confluent

In other news, CAO Kong Phan sold 3,947 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $28.74, for a total transaction of $113,436.78. Following the transaction, the chief accounting officer now directly owns 179,939 shares in the company, valued at approximately $5,171,446.86. This trade represents a 2.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lara Caimi sold 34,500 shares of Confluent stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $31.32, for a total transaction of $1,080,540.00. Following the completion of the transaction, the director now directly owns 7,160 shares in the company, valued at $224,251.20. The trade was a 82.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,508,636 shares of company stock worth $47,198,798. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

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