Confluent (NASDAQ:CFLT) PT Raised to $44.00

Confluent (NASDAQ:CFLTGet Rating) had its price target upped by DA Davidson from $38.00 to $44.00 in a report released on Thursday, The Fly reports. DA Davidson’s price objective indicates a potential upside of 30.45% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Piper Sandler decreased their price objective on shares of Confluent from $40.00 to $34.00 in a report on Wednesday, July 13th. Wells Fargo & Company boosted their price objective on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Thursday. Scotiabank started coverage on shares of Confluent in a research report on Wednesday, June 8th. They issued an “outperform” rating and a $27.00 target price for the company. The Goldman Sachs Group cut their target price on shares of Confluent from $75.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, April 14th. Finally, Morgan Stanley lifted their target price on shares of Confluent from $39.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Thursday. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.31.

Confluent Price Performance

CFLT stock opened at $33.73 on Thursday. The firm has a 50 day moving average price of $23.86 and a 200-day moving average price of $35.04. Confluent has a 52-week low of $16.48 and a 52-week high of $94.97. The firm has a market capitalization of $9.39 billion, a price-to-earnings ratio of -20.69 and a beta of 1.30. The company has a debt-to-equity ratio of 1.29, a quick ratio of 6.64 and a current ratio of 6.64.

Confluent (NASDAQ:CFLTGet Rating) last released its earnings results on Thursday, May 5th. The company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.01. Confluent had a negative net margin of 90.30% and a negative return on equity of 48.98%. The firm had revenue of $126.10 million during the quarter, compared to analyst estimates of $118.49 million. During the same period last year, the business earned ($0.29) earnings per share. The business’s revenue was up 63.8% on a year-over-year basis. Equities research analysts forecast that Confluent will post -1.64 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Brad Gerstner purchased 98,500 shares of the firm’s stock in a transaction on Monday, May 16th. The shares were acquired at an average price of $20.28 per share, for a total transaction of $1,997,580.00. Following the purchase, the insider now directly owns 14,423,457 shares in the company, valued at $292,507,707.96. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In other news, major shareholder Brad Gerstner acquired 98,500 shares of Confluent stock in a transaction that occurred on Monday, May 16th. The shares were bought at an average cost of $20.28 per share, with a total value of $1,997,580.00. Following the transaction, the insider now directly owns 14,423,457 shares of the company’s stock, valued at approximately $292,507,707.96. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michelangelo Volpi sold 21,058 shares of the company’s stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $18.28, for a total transaction of $384,940.24. The disclosure for this sale can be found here. Insiders have sold a total of 26,547 shares of company stock worth $485,245 in the last 90 days. 27.94% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Confluent in the second quarter valued at about $26,000. Fifth Third Bancorp purchased a new position in Confluent during the fourth quarter worth about $29,000. Advisors Asset Management Inc. purchased a new stake in shares of Confluent in the 1st quarter valued at approximately $30,000. Byrne Asset Management LLC purchased a new stake in shares of Confluent in the 4th quarter valued at approximately $31,000. Finally, James Investment Research Inc. raised its stake in shares of Confluent by 716.9% in the 2nd quarter. James Investment Research Inc. now owns 1,356 shares of the company’s stock valued at $32,000 after acquiring an additional 1,190 shares during the period. Hedge funds and other institutional investors own 37.20% of the company’s stock.

About Confluent

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Confluent, Inc operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data in real-time with the foundational platform for data in motion.

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