Confluent (NASDAQ:CFLT) Price Target Raised to $37.00 at Stifel Nicolaus

Confluent (NASDAQ:CFLT) had its target price upped by Stifel Nicolaus from $34.00 to $37.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages have also weighed in on CFLT. Citigroup lifted their price objective on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Evercore ISI reduced 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. Truist Financial raised their target price on shares of Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Barclays boosted their price target on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Confluent currently has an average rating of “Moderate Buy” and a consensus price target of $32.23.

Confluent Trading Up 0.1 %

NASDAQ:CFLT opened at $29.50 on Wednesday. The firm has a market capitalization of $9.68 billion, a P/E ratio of -26.58 and a beta of 0.88. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The company has a fifty day moving average of $27.49 and a 200 day moving average of $24.75. Confluent has a 52 week low of $17.79 and a 52 week high of $35.07.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.03. The firm had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. On average, research analysts predict that Confluent will post -0.9 earnings per share for the current year.

Insider Activity

In other Confluent news, Director Lara Caimi sold 34,500 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $31.32, for a total transaction of $1,080,540.00. Following the transaction, the director now owns 7,160 shares in the company, valued at approximately $224,251.20. This represents a 82.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Stephanie Buscemi sold 164,123 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $26.24, for a total transaction of $4,306,587.52. Following the sale, the chief marketing officer now directly owns 149,644 shares in the company, valued at approximately $3,926,658.56. The trade was a 52.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,580,955 shares of company stock worth $132,819,322 over the last 90 days. 13.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd purchased a new stake in Confluent during the 3rd quarter valued at $68,000. Acadian Asset Management LLC bought a new stake in shares of Confluent in the second quarter worth $175,000. Plato Investment Management Ltd increased its position in Confluent by 2,184.1% during the second quarter. Plato Investment Management Ltd now owns 6,601 shares of the company’s stock valued at $195,000 after acquiring an additional 6,312 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in Confluent in the third quarter valued at about $214,000. Finally, Centaurus Financial Inc. boosted its position in Confluent by 109.2% in the second quarter. Centaurus Financial Inc. now owns 7,320 shares of the company’s stock worth $216,000 after purchasing an additional 3,821 shares during 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.