Confluent (NASDAQ:CFLT) Price Target Raised to $37.00

Confluent (NASDAQ:CFLT) had its price target lifted by Stifel Nicolaus from $34.00 to $37.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

CFLT has been the topic of several other reports. TD Cowen lifted their price target on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Evercore ISI decreased their target price on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. UBS Group increased their price target on Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Mizuho boosted their price objective on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Barclays increased their target price on Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $32.23.

Confluent Stock Up 5.2 %

Shares of CFLT opened at $29.98 on Wednesday. The firm has a 50 day simple moving average of $27.77 and a two-hundred day simple moving average of $24.80. 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 one year low of $17.79 and a one year high of $35.07. The company has a market cap of $9.83 billion, a P/E ratio of -27.01 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. The company had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. Research analysts forecast that Confluent will post -0.9 EPS for the current fiscal year.

Insider Activity at Confluent

In related news, CMO Stephanie Buscemi sold 164,123 shares of Confluent stock in a transaction on Friday, November 1st. The shares were sold at an average price of $26.24, for a total value of $4,306,587.52. Following the completion of the sale, the chief marketing officer now owns 149,644 shares of the company’s stock, valued at approximately $3,926,658.56. This trade represents a 52.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew Craig Miller sold 53,512 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $33.64, for a total transaction of $1,800,143.68. The disclosure for this sale can be found here. Insiders sold 4,580,765 shares of company stock valued at $132,815,499 in the last three months. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CFLT. Assenagon Asset Management S.A. boosted its holdings in Confluent by 9.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company’s stock worth $374,000 after acquiring an additional 1,113 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in Confluent by 1.0% during the second quarter. Baillie Gifford & Co. now owns 447,958 shares of the company’s stock worth $13,228,000 after purchasing an additional 4,283 shares during the last quarter. Bank of New York Mellon Corp grew its position in Confluent by 60.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock worth $103,665,000 after purchasing an additional 1,316,804 shares in the last quarter. Liontrust Investment Partners LLP increased its stake in Confluent by 117.9% in the 2nd quarter. Liontrust Investment Partners LLP now owns 305,000 shares of the company’s stock valued at $9,007,000 after buying an additional 165,000 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Confluent by 10.5% during the 2nd quarter. Principal Financial Group Inc. now owns 215,464 shares of the company’s stock worth $6,363,000 after buying an additional 20,504 shares in the last quarter. 78.09% of the stock is 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.