Mizuho Forecasts Strong Price Appreciation for Confluent (NASDAQ:CFLT) Stock

Confluent (NASDAQ:CFLT) had its price target lifted by analysts at Mizuho from $31.00 to $35.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price target would indicate a potential upside of 14.79% from the company’s current price.

A number of other research analysts have also weighed in on CFLT. Robert W. Baird raised 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. UBS Group raised their price objective on Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Barclays raised their price objective on Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Needham & Company LLC restated a “buy” rating and issued a $31.00 price objective on shares of Confluent in a report on Friday, November 15th. Finally, Wells Fargo & Company raised their price objective on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.04.

Confluent Trading Down 2.7 %

Shares of NASDAQ:CFLT opened at $30.49 on Friday. Confluent has a 1 year low of $17.79 and a 1 year high of $35.07. The firm has a market capitalization of $10.00 billion, a price-to-earnings ratio of -27.47 and a beta of 0.88. 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’s 50 day moving average price is $26.86 and its 200-day moving average price is $24.69.

Confluent (NASDAQ:CFLT) last announced its earnings results 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. Confluent had a negative return on equity of 34.05% 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. On average, equities research analysts forecast that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Confluent news, CAO Kong Phan sold 2,096 shares of Confluent stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $59,170.08. Following the completion of the transaction, the chief accounting officer now directly owns 190,680 shares of the company’s stock, valued at $5,382,896.40. The trade was a 1.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CMO Stephanie Buscemi sold 164,123 shares of Confluent stock in a transaction dated 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 transaction, the chief marketing officer now directly owns 149,644 shares of the company’s stock, valued at approximately $3,926,658.56. This represents a 52.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,533,995 shares of company stock valued at $131,348,784. 13.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Confluent

Several institutional investors have recently bought and sold shares of the company. Champlain Investment Partners LLC grew its position in Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after acquiring an additional 4,486,841 shares in the last quarter. 1832 Asset Management L.P. grew its position in Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after acquiring an additional 1,684,100 shares in the last quarter. William Blair Investment Management LLC acquired a new position in Confluent in the 2nd quarter valued at about $193,403,000. Geode Capital Management LLC boosted its stake in shares of Confluent by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock valued at $88,180,000 after buying an additional 107,510 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of 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 valued at $103,665,000 after buying an additional 1,316,804 shares during the period. 78.09% of the stock is owned by institutional investors and hedge funds.

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.