Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, Truist Financial Analyst Says

Confluent (NASDAQ:CFLT) had its price objective increased by equities research analysts at Truist Financial from $32.00 to $35.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price indicates a potential upside of 14.79% from the company’s previous close.

A number of other research firms have also recently weighed in on CFLT. Sanford C. Bernstein lowered their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Royal Bank of Canada raised their price target on Confluent from $26.00 to $33.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Baird R W upgraded shares of Confluent to a “hold” rating in a report on Wednesday, September 4th. 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 note on Tuesday, October 29th. Finally, UBS Group upped their price target on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $32.04.

Confluent Stock Performance

Shares of Confluent stock opened at $30.49 on Thursday. The company has a market capitalization of $10.00 billion, a PE ratio of -27.47 and a beta of 0.88. The company has a 50-day simple moving average of $26.86 and a two-hundred day simple moving average of $24.73. Confluent has a one year low of $17.79 and a one year high of $35.07. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24.

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

Insider Buying and Selling at Confluent

In other news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 687,483 shares in the company, valued at $18,837,034.20. This trade represents a 8.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michelangelo Volpi sold 50,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $25.92, for a total value of $1,296,000.00. Following the completion of the transaction, the director now directly owns 280,200 shares of the company’s stock, valued at $7,262,784. The trade was a 15.14 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,533,995 shares of company stock valued at $131,348,784. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Institutional investors have recently added to or reduced their stakes in the stock. EP Wealth Advisors LLC raised its position in Confluent by 3.6% during the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock worth $293,000 after acquiring an additional 503 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Confluent by 9.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company’s stock worth $374,000 after purchasing an additional 1,113 shares during the last quarter. Truist Financial Corp lifted its stake in Confluent by 5.3% in the 2nd quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock valued at $721,000 after buying an additional 1,238 shares in the last quarter. Elo Mutual Pension Insurance Co boosted its holdings in Confluent by 8.4% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 18,643 shares of the company’s stock worth $551,000 after buying an additional 1,448 shares during the last quarter. Finally, CWM LLC increased its stake in Confluent by 17.6% during the 2nd quarter. CWM LLC now owns 10,099 shares of the company’s stock worth $298,000 after buying an additional 1,515 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.