Confluent, Inc. (NASDAQ:CFLT) Receives $30.74 Consensus Price Target from Brokerages

Shares of Confluent, Inc. (NASDAQ:CFLT) have earned a consensus recommendation of “Moderate Buy” from the twenty-eight research firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $30.88.

A number of research firms have recently issued reports on CFLT. TD Cowen lifted their price objective on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Truist Financial reiterated a “buy” rating and set a $30.00 price objective (down previously from $36.00) on shares of Confluent in a research note on Thursday, August 1st. Scotiabank lifted their price objective on shares of Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. Robert W. Baird raised their price target on shares of Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Finally, Stifel Nicolaus decreased their price target on shares of Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, August 1st.

Confluent Trading Down 3.8 %

NASDAQ CFLT opened at $26.50 on Thursday. Confluent has a one year low of $16.69 and a one year high of $35.07. The company’s 50 day moving average price is $21.62 and its 200 day moving average price is $24.64. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24.

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

Insider Buying and Selling at Confluent

In related news, Director Matthew Craig Miller sold 1,067,242 shares of Confluent stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $27.51, for a total transaction of $29,359,827.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Michelangelo Volpi sold 477,952 shares of Confluent stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $26.41, for a total transaction of $12,622,712.32. Following the sale, the director now directly owns 317,079 shares in the company, valued at $8,374,056.39. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Craig Miller sold 1,067,242 shares of Confluent stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $27.51, for a total transaction of $29,359,827.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,274,395 shares of company stock worth $58,230,922. 13.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Confluent

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Daiwa Securities Group Inc. raised its position in Confluent by 7.1% in the first quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock worth $369,000 after acquiring an additional 800 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in Confluent by 8.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after acquiring an additional 857 shares in the last quarter. Advisors Asset Management Inc. raised its position in Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after acquiring an additional 859 shares in the last quarter. Resolute Advisors LLC raised its position in Confluent by 11.1% in the first quarter. Resolute Advisors LLC now owns 8,693 shares of the company’s stock worth $265,000 after acquiring an additional 869 shares in the last quarter. Finally, Fulton Bank N.A. increased its stake in Confluent by 15.0% in the 2nd quarter. Fulton Bank N.A. now owns 8,145 shares of the company’s stock worth $241,000 after purchasing an additional 1,064 shares in 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.