Confluent (NASDAQ:CFLT) Price Target Raised to $31.00

Confluent (NASDAQ:CFLT) had its target price boosted by Mizuho from $29.00 to $31.00 in a research report sent to investors on Thursday, Benzinga reports. The firm currently has an outperform rating on the stock.

CFLT has been the subject of several other reports. Sanford C. Bernstein cut their target price on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Royal Bank of Canada cut their price objective on Confluent from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. DA Davidson restated a “buy” rating and issued a $30.00 target price on shares of Confluent in a report on Wednesday, September 18th. Truist Financial reaffirmed a “buy” rating and set a $30.00 target price (down from $36.00) on shares of Confluent in a report on Thursday, August 1st. Finally, Robert W. Baird lifted their price target on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.39.

Confluent Stock Up 0.2 %

Shares of CFLT stock opened at $26.22 on Thursday. Confluent has a 1 year low of $14.69 and a 1 year high of $35.07. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. The business’s fifty day moving average is $21.04 and its 200-day moving average is $24.64. The stock has a market cap of $8.46 billion, a PE ratio of -23.62 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative return on equity of 34.97% and a negative net margin of 38.35%. The firm had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Equities analysts expect that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Activity at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total value of $4,912,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,561,071.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Confluent news, CFO Rohan Sivaram sold 22,926 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $497,035.68. Following the transaction, the chief financial officer now directly owns 555,337 shares in the company, valued at $12,039,706.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total value of $4,912,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,561,071.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 524,453 shares of company stock valued at $10,833,388. 13.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CFLT. Daiwa Securities Group Inc. grew its holdings in Confluent by 7.1% during the first quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock valued at $369,000 after purchasing an additional 800 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of Confluent by 8.7% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after buying an additional 857 shares during the period. Advisors Asset Management Inc. grew its stake in Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after buying an additional 859 shares during the last quarter. Hollencrest Capital Management bought a new position in Confluent in the 1st quarter worth $26,000. Finally, Resolute Advisors LLC lifted its position in Confluent by 11.1% during the 1st quarter. Resolute Advisors LLC now owns 8,693 shares of the company’s stock worth $265,000 after acquiring an additional 869 shares during the last quarter. 78.09% of the stock is owned by institutional investors.

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.