Confluent (NASDAQ:CFLT) Price Target Raised to $32.00

Confluent (NASDAQ:CFLT) had its price target boosted by research analysts at Morgan Stanley from $30.00 to $32.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price suggests a potential downside of 13.82% from the company’s previous close.

Several other brokerages have also recently commented on CFLT. Stifel Nicolaus increased their target price on shares of Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday. Royal Bank of Canada upped their price target on shares of Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday. Barclays upped their price target on shares of Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday. Citigroup upped their price target on shares of Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Finally, Truist Financial upped their price target on shares of Confluent from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Confluent Stock Up 23.4 %

CFLT traded up $7.03 during trading hours on Wednesday, hitting $37.13. 13,004,692 shares of the company’s stock were exchanged, compared to its average volume of 4,620,318. Confluent has a 1-year low of $17.79 and a 1-year high of $36.94. The stock’s 50-day moving average is $29.49 and its two-hundred day moving average is $25.28. The stock has a market cap of $12.18 billion, a price-to-earnings ratio of -33.45 and a beta of 0.92. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) 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%. Sell-side analysts predict that Confluent will post -0.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Confluent news, CAO Kong Phan sold 2,096 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $59,170.08. Following the sale, the chief accounting officer now directly owns 190,680 shares in the company, valued at $5,382,896.40. This represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lara Caimi sold 34,500 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 7,160 shares in the company, valued at approximately $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. Insiders have sold 1,508,636 shares of company stock worth $47,198,798 over the last ninety days. 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 stock. Blue Trust Inc. boosted its stake in shares of 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 purchasing an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Confluent in the 4th quarter valued at approximately $59,000. GAMMA Investing LLC raised its holdings in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after buying an additional 1,136 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Confluent in the 3rd quarter valued at approximately $68,000. Finally, AlphaQuest LLC raised its holdings 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 during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.