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

Confluent (NASDAQ:CFLT) had its price objective lifted by research analysts at Stifel Nicolaus from $34.00 to $37.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ target price would indicate a potential upside of 18.74% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Evercore ISI lowered their price objective on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. Scotiabank boosted their price objective on shares of Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. TD Cowen boosted their price objective on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. UBS Group boosted their price objective on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Baird R W raised shares of Confluent to a “hold” rating in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Confluent currently has an average rating of “Moderate Buy” and a consensus price target of $32.23.

Confluent Trading Down 0.6 %

Shares of CFLT stock traded down $0.18 during trading hours on Wednesday, reaching $31.16. 1,117,343 shares of the stock were exchanged, compared to its average volume of 4,325,447. Confluent has a 12-month low of $17.79 and a 12-month high of $35.07. 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 company’s 50-day moving average price is $27.32 and its 200-day moving average price is $24.72. The firm has a market capitalization of $10.22 billion, a price-to-earnings ratio of -27.91 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The firm had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. As a group, equities analysts anticipate that Confluent will post -0.9 earnings per share for the current year.

Insider Activity

In other news, CMO Stephanie Buscemi sold 164,123 shares of the company’s 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 sale, the chief marketing officer now directly owns 149,644 shares of the company’s stock, valued at $3,926,658.56. This represents a 52.31 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Craig Miller sold 1,084,259 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $28.90, for a total transaction of $31,335,085.10. Following the completion of the sale, the director now directly owns 12,559 shares in the company, valued at $362,955.10. This trade represents a 98.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,580,955 shares of company stock valued at $132,819,322 in the last ninety days. Insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Large investors have recently made changes to their positions in the business. Diversified Trust Co boosted its holdings in Confluent by 110.3% during the third quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after buying an additional 31,729 shares in the last quarter. Sycomore Asset Management boosted its holdings in Confluent by 308.3% during the second quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock worth $9,176,000 after buying an additional 251,507 shares in the last quarter. Quantbot Technologies LP boosted its holdings in Confluent by 1,465.6% during the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after buying an additional 28,360 shares in the last quarter. Pathway Capital Management LP purchased a new stake in Confluent during the third quarter worth $918,000. Finally, Sei Investments Co. boosted its holdings in Confluent by 29.1% during the second quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock worth $9,022,000 after buying an additional 68,880 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.