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

Confluent (NASDAQ:CFLT) had its target price boosted by equities researchers at Citigroup from $24.00 to $25.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price target indicates a potential upside of 8.37% from the stock’s previous close.

A number of other research firms also recently weighed in on CFLT. Deutsche Bank Aktiengesellschaft cut their price target on Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Stifel Nicolaus cut their target price on shares of Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Scotiabank lowered their price target on shares of Confluent from $28.00 to $25.00 and set a “sector perform” rating for the company in a research report on Thursday, August 1st. TD Cowen dropped their price target on shares of Confluent from $31.00 to $27.00 and set a “buy” rating for the company in a research note on Friday, September 20th. Finally, Royal Bank of Canada reduced their price objective on shares of Confluent from $35.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and a consensus price target of $29.69.

Confluent Trading Up 0.2 %

CFLT opened at $23.07 on Tuesday. Confluent has a 1-year low of $14.69 and a 1-year high of $35.07. The stock has a market capitalization of $7.33 billion, a PE ratio of -18.46 and a beta of 0.88. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. The firm has a 50-day moving average price of $20.84 and a two-hundred day moving average price of $24.67.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. The company had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. As a group, equities analysts anticipate that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In other news, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the sale, the chief marketing officer now directly owns 161,673 shares in the company, valued at $3,505,070.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the sale, the chief marketing officer now directly owns 161,673 shares in the company, valued at $3,505,070.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chad Verbowski sold 13,540 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $293,547.20. Following the transaction, the chief technology officer now owns 496,807 shares of the company’s stock, valued at $10,770,775.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 524,453 shares of company stock valued at $10,833,388 in the last 90 days. 13.82% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

A number of hedge funds and other institutional investors have recently modified their holdings of CFLT. Vanguard Group Inc. grew its stake in Confluent by 3.5% in the first quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock valued at $602,505,000 after purchasing an additional 669,675 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Confluent by 17.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after buying an additional 2,587,169 shares during the last quarter. 1832 Asset Management L.P. grew its stake in shares of Confluent by 28.4% in the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after buying an additional 1,684,100 shares in the last quarter. William Blair Investment Management LLC acquired a new position in Confluent during the second quarter worth $193,403,000. Finally, Champlain Investment Partners LLC bought a new stake in Confluent during the first quarter worth $144,563,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.