TD Cowen Raises Confluent (NASDAQ:CFLT) Price Target to $37.00

Confluent (NASDAQ:CFLT) had its target price upped by TD Cowen from $34.00 to $37.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price target would suggest a potential upside of 19.24% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Canaccord Genuity Group upgraded Confluent from a “hold” rating to a “buy” rating and boosted their price target for the company from $28.00 to $35.00 in a research note on Wednesday. Royal Bank of Canada raised their price target on Confluent from $35.00 to $37.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 14th. Needham & Company LLC reiterated a “buy” rating and set a $38.00 price objective on shares of Confluent in a research note on Wednesday. Barclays boosted their target price on shares of Confluent from $26.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, February 8th. Finally, Loop Capital started coverage on shares of Confluent in a research report on Tuesday, January 30th. They set a “hold” rating and a $23.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $32.88.

Confluent Trading Down 1.1 %

CFLT stock opened at $31.03 on Wednesday. The company has a fifty day moving average price of $30.20 and a two-hundred day moving average price of $26.28. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62. The stock has a market cap of $9.70 billion, a price-to-earnings ratio of -21.11 and a beta of 0.93. Confluent has a one year low of $14.69 and a one year high of $41.22.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. The firm had revenue of $213.18 million for the quarter, compared to analyst estimates of $204.62 million. Equities analysts anticipate that Confluent will post -0.92 EPS for the current year.

Insider Activity at Confluent

In other Confluent news, CTO Chad Verbowski sold 5,963 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $191,710.45. Following the transaction, the chief technology officer now directly owns 404,412 shares in the company, valued at $13,001,845.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Lara Caimi sold 46,875 shares of Confluent stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $31.90, for a total value of $1,495,312.50. Following the completion of the transaction, the director now directly owns 5,399 shares in the company, valued at approximately $172,228.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chad Verbowski sold 5,963 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $191,710.45. Following the completion of the transaction, the chief technology officer now directly owns 404,412 shares of the company’s stock, valued at $13,001,845.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 732,173 shares of company stock valued at $24,194,120. 13.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Confluent

Several hedge funds and other institutional investors have recently modified their holdings of CFLT. Invesco Ltd. increased its holdings in Confluent by 14.0% during the 3rd quarter. Invesco Ltd. now owns 3,824,055 shares of the company’s stock worth $113,230,000 after acquiring an additional 470,002 shares during the period. KADENSA CAPITAL Ltd purchased a new position in Confluent during the third quarter worth about $11,512,000. Tower Research Capital LLC TRC raised its holdings in shares of Confluent by 18,649.2% in the 3rd quarter. Tower Research Capital LLC TRC now owns 12,187 shares of the company’s stock valued at $361,000 after acquiring an additional 12,122 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Confluent by 45.7% during the third quarter. Northern Trust Corp now owns 1,044,896 shares of the company’s stock worth $30,939,000 after purchasing an additional 327,940 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Confluent by 13.0% in the third quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock worth $545,546,000 after purchasing an additional 2,125,843 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors.

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.