Truist Financial Raises Confluent (NASDAQ:CFLT) Price Target to $40.00

Confluent (NASDAQ:CFLT) had its price target raised by equities researchers at Truist Financial from $35.00 to $40.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 9.46% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Needham & Company LLC lifted their target price on shares of Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 target price on shares of Confluent in a research report on Tuesday, October 29th. Citigroup lifted their target price on shares of Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Sanford C. Bernstein cut their target price on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Robert W. Baird lifted their price target on shares of Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Confluent currently has a consensus rating of “Moderate Buy” and an average target price of $34.93.

Confluent Stock Up 21.4 %

Shares of NASDAQ CFLT traded up $6.44 on Wednesday, reaching $36.54. 12,154,505 shares of the company’s stock traded hands, compared to its average volume of 4,591,249. The company has a market cap of $11.99 billion, a price-to-earnings ratio of -32.94 and a beta of 0.92. 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 business’s 50 day simple moving average is $29.49 and its two-hundred day simple moving average is $25.28. Confluent has a 12 month low of $17.79 and a 12 month high of $36.62.

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

Insider Activity

In other Confluent news, insider Erica Schultz sold 9,467 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $267,253.41. Following the completion of the sale, the insider now directly owns 678,016 shares in the company, valued at $19,140,391.68. This trade represents a 1.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Stephanie Buscemi sold 5,271 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $148,800.33. Following the completion of the sale, the chief marketing officer now owns 144,373 shares of the company’s stock, valued at approximately $4,075,649.79. This trade represents a 3.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,508,636 shares of company stock worth $47,198,798. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Institutional investors have recently bought and sold shares of the company. Champlain Investment Partners LLC raised its holdings in shares of Confluent by 72.2% in the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after buying an additional 4,486,841 shares during the last quarter. Norges Bank purchased a new position in shares of Confluent in the fourth quarter worth $81,092,000. Pictet Asset Management Holding SA raised its holdings in shares of Confluent by 7,342.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock worth $65,748,000 after buying an additional 2,319,919 shares during the last quarter. Fiera Capital Corp purchased a new position in shares of Confluent during the third quarter worth $21,127,000. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Confluent by 46.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock worth $51,224,000 after purchasing an additional 802,353 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Company Profile

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.