Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Confluent (NASDAQ:CFLT) had its target price hoisted by equities researchers at Wells Fargo & Company from $35.00 to $40.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 18.84% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Robert W. Baird lifted their price objective on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. lifted their price target on Confluent from $25.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 price objective on shares of Confluent in a research report on Friday, November 15th. JMP Securities reissued a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a report on Tuesday, October 29th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $30.00 target price on shares of Confluent in a report on Wednesday, September 18th. One 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.23.

Confluent Price Performance

Confluent stock opened at $33.66 on Thursday. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The business has a 50 day simple moving average of $25.40 and a 200-day simple moving average of $24.70. Confluent has a 12 month low of $17.79 and a 12 month high of $35.07. The stock has a market capitalization of $11.04 billion, a PE ratio of -30.32 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate 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 net margin of 38.35% and a negative return on equity of 34.05%. Equities analysts predict that Confluent will post -0.9 earnings per share for the current year.

Insider Transactions at Confluent

In other Confluent news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $31.21, for a total value of $1,988,982.09. Following the sale, the insider now directly owns 678,016 shares of the company’s stock, valued at approximately $21,160,879.36. This trade represents a 8.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chad Verbowski sold 13,414 shares of Confluent stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $378,677.22. Following the completion of the sale, the chief technology officer now owns 483,393 shares of the company’s stock, valued at $13,646,184.39. This trade represents a 2.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,069,108 shares of company stock worth $116,165,158 over the last ninety days. 13.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Confluent

Hedge funds have recently modified their holdings of the stock. Cetera Advisors LLC raised its position in shares of Confluent by 209.6% in the 1st quarter. Cetera Advisors LLC now owns 31,971 shares of the company’s stock worth $976,000 after buying an additional 21,646 shares during the period. DekaBank Deutsche Girozentrale raised its holdings in shares of Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after purchasing an additional 857 shares during the period. CWM LLC lifted its stake in shares of Confluent by 17.6% in the 2nd quarter. CWM LLC now owns 10,099 shares of the company’s stock valued at $298,000 after purchasing an additional 1,515 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Confluent by 785.3% during the 2nd quarter. SG Americas Securities LLC now owns 46,372 shares of the company’s stock worth $1,369,000 after purchasing an additional 41,134 shares during the period. Finally, Artemis Investment Management LLP acquired a new stake in Confluent during the 2nd quarter worth approximately $18,102,000. 78.09% of the stock is owned by institutional investors and hedge funds.

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.