Confluent (NASDAQ:CFLT) Price Target Raised to $28.00

Confluent (NASDAQ:CFLT) had its target price upped by Robert W. Baird from $23.00 to $28.00 in a report released on Thursday, Benzinga reports. The firm currently has a neutral rating on the stock.

CFLT has been the topic of several other research reports. Citigroup increased their price objective on shares of Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Sanford C. Bernstein dropped their price target on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Royal Bank of Canada dropped their price target 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. Needham & Company LLC restated a “buy” rating and issued a $28.00 price target on shares of Confluent in a research note on Monday, September 23rd. Finally, Mizuho dropped their price target on shares of Confluent from $31.00 to $29.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.74.

Confluent Price Performance

CFLT opened at $26.22 on Thursday. The firm has a market cap of $8.46 billion, a price-to-earnings ratio of -23.62 and a beta of 0.81. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $35.07. The company’s 50-day moving average price is $21.04 and its 200 day moving average price is $24.62. The company has a quick ratio of 4.44, a current ratio of 4.24 and a debt-to-equity ratio of 1.17.

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. The firm had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. As a group, sell-side analysts expect that Confluent will post -0.95 earnings per share for the current year.

Insiders Place Their Bets

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at $9,045,235.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,045,235.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Stephanie Buscemi sold 3,866 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at $3,505,070.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 524,453 shares of company stock worth $10,833,388 in the last quarter. 13.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CFLT. Diversified Trust Co raised its holdings in Confluent by 110.3% in the 3rd quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after acquiring an additional 31,729 shares during the period. Sycomore Asset Management raised its holdings in Confluent by 308.3% in the 2nd quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock worth $9,176,000 after acquiring an additional 251,507 shares during the period. Sei Investments Co. raised its holdings in Confluent by 29.1% in the 2nd quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock worth $9,022,000 after acquiring an additional 68,880 shares during the period. Creative Planning raised its holdings in Confluent by 109.9% in the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after acquiring an additional 49,699 shares during the period. Finally, Highland Capital Management LLC bought a new position in Confluent in the 1st quarter worth $1,181,000. Institutional investors 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.