Piper Sandler Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its price objective increased by Piper Sandler from $35.00 to $40.00 in a research note published on Wednesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other brokerages have also commented on CFLT. Scotiabank raised their price objective on Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a report on Thursday, October 31st. Evercore ISI lifted their price target on shares of Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday. Needham & Company LLC boosted their price target on shares of Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday. TD Cowen increased their price objective on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Mizuho lifted their target price on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Confluent Stock Performance

CFLT opened at $37.65 on Wednesday. The stock has a market cap of $12.35 billion, a P/E ratio of -33.92 and a beta of 0.92. 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 firm has a fifty day moving average price of $29.58 and a 200 day moving average price of $25.37. Confluent has a 1 year low of $17.79 and a 1 year high of $37.90.

Confluent (NASDAQ:CFLT) last posted its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (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%. Equities research analysts anticipate that Confluent will post -0.9 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the completion of the sale, the insider now owns 687,483 shares in the company, valued at $18,837,034.20. This trade represents a 8.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Craig Miller sold 53,512 shares of Confluent stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $33.64, for a total transaction of $1,800,143.68. The disclosure for this sale can be found here. Insiders have sold 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.

Hedge Funds Weigh In On Confluent

Hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC purchased a new stake in Confluent in the 2nd quarter valued at about $462,000. Creative Planning boosted its stake in Confluent by 109.9% during the third quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after buying an additional 49,699 shares during the period. Lake Street Advisors Group LLC increased its position in shares of Confluent by 14.0% during the third quarter. Lake Street Advisors Group LLC now owns 18,481 shares of the company’s stock valued at $377,000 after acquiring an additional 2,263 shares during the last quarter. US Bancorp DE raised its stake in shares of Confluent by 307.7% in the 3rd quarter. US Bancorp DE now owns 16,702 shares of the company’s stock valued at $340,000 after acquiring an additional 12,605 shares during the period. Finally, Janney Capital Management LLC raised its stake in shares of Confluent by 52.2% in the 3rd quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock valued at $406,000 after acquiring an additional 6,842 shares during the period. 78.09% of the stock is currently owned by hedge funds and other 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.