Robert W. Baird Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its price objective raised by equities researchers at Robert W. Baird from $23.00 to $28.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Robert W. Baird’s price objective points to a potential upside of 21.37% from the company’s previous close.

Several other research analysts also recently commented on CFLT. Mizuho cut their price target on shares of Confluent from $31.00 to $29.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. JPMorgan Chase & Co. boosted their target price on Confluent from $25.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Bank of America lowered their price target on Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a report on Thursday, August 1st. Baird R W raised Confluent to a “hold” rating in a report on Wednesday, September 4th. Finally, Evercore ISI decreased their price objective on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $29.86.

Confluent Stock Performance

NASDAQ:CFLT opened at $23.07 on Thursday. The business’s fifty day moving average is $20.84 and its 200 day moving average is $24.67. The firm has a market cap of $7.45 billion, a price-to-earnings ratio of -19.55 and a beta of 0.88. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. Confluent has a 52-week low of $14.69 and a 52-week high of $35.07.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.03. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. The firm had revenue of $250.20 million for the quarter, compared to analysts’ expectations of $243.98 million. Research analysts predict that Confluent will post -0.95 EPS for the current year.

Insider Activity

In related news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $3,505,070.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $9,045,235.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the sale, the chief marketing officer now directly owns 161,673 shares in the company, valued at approximately $3,505,070.64. This represents a 0.00 % decrease in their ownership of the stock. 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 owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CFLT. William Blair Investment Management LLC purchased a new stake in shares of Confluent in the second quarter worth $193,403,000. 1832 Asset Management L.P. bought a new position in Confluent in the 1st quarter worth about $181,075,000. Champlain Investment Partners LLC purchased a new stake in Confluent during the 1st quarter valued at about $144,563,000. Price T Rowe Associates Inc. MD increased its stake in Confluent by 17.3% during 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 purchasing an additional 2,587,169 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Confluent by 60.0% during 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 purchasing an additional 1,316,804 shares in the last quarter. 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.