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

Confluent (NASDAQ:CFLT) had its target price boosted by Piper Sandler from $32.00 to $35.00 in a research note published on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts also recently issued reports on the stock. Wolfe Research raised shares of Confluent to a “strong-buy” rating in a research report on Wednesday, September 18th. TD Cowen increased their price target on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Truist Financial raised their price objective on shares of Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Barclays upped their target price on Confluent from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Finally, Evercore ISI lowered their target price on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $32.46.

Confluent Stock Performance

Confluent stock opened at $29.83 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 firm has a market cap of $9.78 billion, a P/E ratio of -26.87 and a beta of 0.91. Confluent has a 1-year low of $17.79 and a 1-year high of $35.07. The firm has a 50-day moving average of $29.30 and a 200-day moving average of $24.95.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $243.98 million. Sell-side analysts expect that Confluent will post -0.9 EPS for the current year.

Insiders Place Their Bets

In other news, Director Michelangelo Volpi sold 50,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $25.92, for a total value of $1,296,000.00. Following the completion of the sale, the director now directly owns 280,200 shares in the company, valued at $7,262,784. This represents a 15.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CMO Stephanie Buscemi sold 164,123 shares of Confluent stock in a transaction on 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 transaction, the chief marketing officer now owns 149,644 shares in the company, valued at $3,926,658.56. This trade represents a 52.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,584,712 shares of company stock valued at $132,928,936. Insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in shares of Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after purchasing an additional 1,136 shares during the period. Oddo BHF Asset Management Sas bought a new position in Confluent in the 3rd quarter worth $7,646,000. Tidal Investments LLC increased its stake in Confluent by 521.0% in the 3rd quarter. Tidal Investments LLC now owns 50,545 shares of the company’s stock worth $1,030,000 after buying an additional 42,406 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in Confluent by 21.2% during the third quarter. Sanctuary Advisors LLC now owns 18,825 shares of the company’s stock valued at $384,000 after acquiring an additional 3,298 shares during the period. Finally, Westside Investment Management Inc. lifted its position in shares of Confluent by 11,796.1% in the third quarter. Westside Investment Management Inc. now owns 12,253 shares of the company’s stock valued at $250,000 after acquiring an additional 12,150 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.