Brokerages Set Confluent, Inc. (NASDAQ:CFLT) Target Price at $32.23

Confluent, Inc. (NASDAQ:CFLT) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-eight research firms that are presently covering the company, Marketbeat Ratings reports. 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 given a strong buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $32.23.

Several research analysts have commented on CFLT shares. Mizuho raised their target price on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. JMP Securities reiterated a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a research report on Tuesday, October 29th. Robert W. Baird increased their target price on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Sanford C. Bernstein lowered their price target on Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Finally, Scotiabank increased their price objective on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st.

Insider Buying and Selling

In related news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $29.29, for a total transaction of $6,809,925.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $13,253,373.52. The trade was a 33.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Kong Phan sold 3,947 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $28.74, for a total value of $113,436.78. Following the sale, the chief accounting officer now owns 179,939 shares of the company’s stock, valued at approximately $5,171,446.86. The trade was a 2.15 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,584,712 shares of company stock worth $132,928,936. 13.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Champlain Investment Partners LLC grew its stake in shares of Confluent by 72.2% in the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after acquiring an additional 4,486,841 shares during the last quarter. 1832 Asset Management L.P. increased its holdings in shares of Confluent by 28.4% during the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after purchasing an additional 1,684,100 shares during the period. William Blair Investment Management LLC acquired a new position in shares of Confluent during the second quarter valued at about $193,403,000. Geode Capital Management LLC lifted its stake in shares of Confluent by 2.5% in the third 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, Atreides Management LP grew its position in Confluent by 7.3% during the third quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock worth $55,167,000 after buying an additional 184,865 shares in the last quarter. 78.09% of the stock is owned by institutional investors.

Confluent Trading Down 3.8 %

Shares of NASDAQ:CFLT opened at $28.89 on Friday. The stock has a market capitalization of $9.48 billion, a price-to-earnings ratio of -26.03 and a beta of 0.88. Confluent has a 1-year low of $17.79 and a 1-year high of $35.07. The company has a 50 day moving average price of $28.51 and a 200 day moving average price of $24.91. 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 issued its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping 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 business had revenue of $250.20 million for the quarter, compared to analysts’ expectations of $243.98 million. On average, research analysts anticipate that Confluent will post -0.9 EPS for the current fiscal year.

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.