Confluent (NASDAQ:CFLT) Price Target Raised to $42.00

Confluent (NASDAQ:CFLT) had its target price lifted by Wells Fargo & Company from $40.00 to $42.00 in a research note published on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other equities analysts have also issued reports about the company. Needham & Company LLC boosted their target price on Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday. Guggenheim boosted their price objective on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. Truist Financial increased their target price on shares of Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Robert W. Baird boosted their price target on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $30.00 target price (down from $33.00) on shares of Confluent in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Confluent Stock Down 3.8 %

Shares of NASDAQ:CFLT opened at $34.85 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The stock has a market cap of $11.43 billion, a price-to-earnings ratio of -31.40 and a beta of 0.92. The company has a 50 day moving average of $29.67 and a 200-day moving average of $25.52. Confluent has a one year low of $17.79 and a one year high of $37.90.

Confluent (NASDAQ:CFLT) last issued its earnings results 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 net margin of 38.35% and a negative return on equity of 34.05%. On average, sell-side analysts forecast that Confluent will post -0.9 earnings per share for the current year.

Insider Activity at Confluent

In other Confluent news, CMO Stephanie Buscemi sold 5,271 shares of Confluent stock in a transaction 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 transaction, the chief marketing officer now directly owns 144,373 shares of the company’s stock, valued at $4,075,649.79. The trade was a 3.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction on Monday, November 18th. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the transaction, the insider now directly owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. This trade represents a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,508,636 shares of company stock worth $47,198,798. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CFLT. Sanctuary Advisors LLC acquired a new position in shares of Confluent in the second quarter valued at approximately $462,000. Creative Planning grew its position in shares of Confluent by 109.9% in the third quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after purchasing an additional 49,699 shares during the last quarter. Lake Street Advisors Group LLC grew its position in shares of Confluent by 14.0% in the third quarter. Lake Street Advisors Group LLC now owns 18,481 shares of the company’s stock valued at $377,000 after purchasing an additional 2,263 shares during the last quarter. US Bancorp DE grew its position in shares of Confluent by 307.7% in the third quarter. US Bancorp DE now owns 16,702 shares of the company’s stock valued at $340,000 after purchasing an additional 12,605 shares during the last quarter. Finally, Janney Capital Management LLC grew its position in shares of Confluent by 52.2% in the third quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock valued at $406,000 after purchasing an additional 6,842 shares during the last quarter. 78.09% of the stock is owned by 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.