Analysts Set Confluent, Inc. (NASDAQ:CFLT) Price Target at $30.88

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

A number of research analysts have issued reports on CFLT shares. JMP Securities reissued a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a research report on Tuesday, October 29th. Scotiabank boosted their price objective on shares of Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. Royal Bank of Canada raised their price objective on Confluent from $26.00 to $33.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. raised their price objective on Confluent from $25.00 to $26.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Barclays raised their price objective on Confluent from $29.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st.

Confluent Stock Up 4.9 %

Shares of Confluent stock opened at $33.08 on Monday. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The company’s fifty day simple moving average is $24.86 and its two-hundred day simple moving average is $24.58. The company has a market cap of $10.85 billion, a P/E ratio of -29.80 and a beta of 0.88. Confluent has a 12-month low of $17.79 and a 12-month high of $35.07.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. The business had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. Research analysts anticipate that Confluent will post -0.9 EPS for the current year.

Insider Activity at Confluent

In related news, CMO Stephanie Buscemi sold 164,123 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $26.24, for a total transaction of $4,306,587.52. Following the completion of the sale, the chief marketing officer now owns 149,644 shares in the company, valued at approximately $3,926,658.56. This represents a 52.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Craig Miller sold 1,084,259 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $28.90, for a total value of $31,335,085.10. Following the sale, the director now owns 12,559 shares of the company’s stock, valued at approximately $362,955.10. This trade represents a 98.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,005,379 shares of company stock valued at $114,176,175 over the last ninety days. Insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Hedge funds have recently bought and sold shares of the company. Diversified Trust Co increased its position in Confluent by 110.3% during the third quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock valued at $1,233,000 after acquiring an additional 31,729 shares during the last quarter. Sycomore Asset Management lifted its position in Confluent by 308.3% during the second quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock valued at $9,176,000 after purchasing an additional 251,507 shares in the last quarter. Pathway Capital Management LP purchased a new position in Confluent during the third quarter valued at $918,000. Sei Investments Co. lifted its position in Confluent by 29.1% during the second quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock valued at $9,022,000 after purchasing an additional 68,880 shares in the last quarter. Finally, Creative Planning lifted its position in Confluent by 109.9% during the third quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after purchasing an additional 49,699 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.