Confluent (NASDAQ:CFLT) Sets New 12-Month High After Analyst Upgrade

Confluent, Inc. (NASDAQ:CFLT)’s stock price reached a new 52-week high during mid-day trading on Wednesday after Piper Sandler raised their price target on the stock from $35.00 to $40.00. Piper Sandler currently has an overweight rating on the stock. Confluent traded as high as $35.72 and last traded at $35.48, with a volume of 5915059 shares traded. The stock had previously closed at $30.10.

Several other equities research analysts have also recently weighed in on CFLT. UBS Group upped their price target on Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Sanford C. Bernstein dropped their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Truist Financial upped their target price on Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Evercore ISI lifted their price target on Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Robert W. Baird upped their price objective on shares of Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $33.78.

Insider Buying and Selling

In related news, CTO Chad Verbowski sold 13,414 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $378,677.22. Following the sale, the chief technology officer now owns 483,393 shares in the company, valued at $13,646,184.39. This represents a 2.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Kong Phan sold 2,096 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $59,170.08. Following the completion of the sale, the chief accounting officer now directly owns 190,680 shares in the company, valued at $5,382,896.40. This trade represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,508,636 shares of company stock valued at $47,198,798 over the last ninety days. Company insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

A number of large investors have recently made changes to their positions in CFLT. Blue Trust Inc. grew its stake in shares of Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after purchasing an additional 1,607 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Confluent during the fourth quarter valued at approximately $59,000. Point72 Hong Kong Ltd bought a new position in Confluent in the third quarter worth approximately $68,000. GAMMA Investing LLC boosted its stake in shares of Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after acquiring an additional 1,136 shares during the last quarter. Finally, AlphaQuest LLC grew its position in shares of Confluent by 22,112.5% during the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after acquiring an additional 3,538 shares during the period. 78.09% of the stock is currently owned by institutional investors.

Confluent Price Performance

The firm has a 50 day moving average price of $29.49 and a 200 day moving average price of $25.28. The stock has a market capitalization of $11.61 billion, a PE ratio of -32.01 and a beta of 0.92. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. Research analysts anticipate that Confluent, Inc. will post -0.9 earnings per share for the current year.

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.