Confluent (NASDAQ:CFLT) Price Target Raised to $34.00 at UBS Group

Confluent (NASDAQ:CFLT) had its price target upped by equities research analysts at UBS Group from $26.00 to $34.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. UBS Group’s target price would suggest a potential downside of 6.24% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on CFLT. Barclays lifted their price objective on shares of Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday. Bank of America boosted their price target on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday. Mizuho upped their price target on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Stifel Nicolaus raised their price objective on shares of Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, JMP Securities restated a “market outperform” rating and issued 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 issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $34.74.

Confluent Trading Up 20.5 %

NASDAQ:CFLT traded up $6.16 on Wednesday, reaching $36.26. The stock had a trading volume of 11,238,196 shares, compared to its average volume of 4,558,288. The company has a market cap of $11.89 billion, a price-to-earnings ratio of -32.56 and a beta of 0.92. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. Confluent has a 12-month low of $17.79 and a 12-month high of $36.62. The firm’s fifty day moving average is $29.49 and its two-hundred day moving average is $25.28.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data 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%. Equities analysts expect that Confluent will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Confluent

Institutional investors and hedge funds have recently modified their holdings of the stock. Orion Portfolio Solutions LLC raised its position in shares of Confluent by 8.2% during the fourth quarter. Orion Portfolio Solutions LLC now owns 32,117 shares of the company’s stock worth $898,000 after purchasing an additional 2,421 shares during the period. Pictet Asset Management Holding SA increased its stake in Confluent by 7,342.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock valued at $65,748,000 after purchasing an additional 2,319,919 shares in the last quarter. Nomura Asset Management Co. Ltd. purchased a new position in Confluent during the fourth quarter worth about $9,227,000. Norges Bank bought a new stake in Confluent in the 4th quarter worth about $81,092,000. Finally, Pier Capital LLC increased its stake in Confluent by 15.9% in the 4th quarter. Pier Capital LLC now owns 203,863 shares of the company’s stock valued at $5,700,000 after buying an additional 27,920 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Company Profile

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.