TD Cowen Forecasts Strong Price Appreciation for Confluent (NASDAQ:CFLT) Stock

Confluent (NASDAQ:CFLT) had its price target raised by TD Cowen from $27.00 to $31.00 in a research report report published on Thursday, Benzinga reports. The firm currently has a buy rating on the stock.

CFLT has been the subject of a number of other reports. Robert W. Baird upped their price objective on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday. Baird R W raised shares of Confluent to a “hold” rating in a research report on Wednesday, September 4th. DA Davidson reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Confluent in a research report on Wednesday, September 18th. Needham & Company LLC increased their target price on shares of Confluent from $28.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Scotiabank lowered their target price on shares of Confluent from $28.00 to $25.00 and set a “sector perform” rating for the company in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Confluent currently has an average rating of “Moderate Buy” and an average price target of $30.74.

Confluent Trading Up 0.2 %

NASDAQ:CFLT opened at $26.22 on Thursday. The firm has a 50-day simple moving average of $21.04 and a 200-day simple moving average of $24.62. Confluent has a one year low of $14.69 and a one year high of $35.07. The firm has a market cap of $8.46 billion, a P/E ratio of -23.62 and a beta of 0.81. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.44 and a current ratio of 4.24.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. The company had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. Equities analysts anticipate that Confluent will post -0.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Chad Verbowski sold 13,540 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $293,547.20. Following the completion of the transaction, the chief technology officer now owns 496,807 shares of the company’s stock, valued at $10,770,775.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,561,071.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chad Verbowski sold 13,540 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $293,547.20. Following the completion of the transaction, the chief technology officer now owns 496,807 shares of the company’s stock, valued at approximately $10,770,775.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 524,453 shares of company stock valued at $10,833,388. Company insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new stake in shares of Confluent during the 1st quarter worth about $26,000. V Square Quantitative Management LLC purchased a new position in Confluent during the second quarter worth approximately $68,000. UniSuper Management Pty Ltd grew its holdings in Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after purchasing an additional 1,500 shares during the period. Advisors Asset Management Inc. increased its position in shares of Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after buying an additional 859 shares in the last quarter. Finally, Lazard Asset Management LLC increased its position in shares of Confluent by 25.5% in the first quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock valued at $175,000 after buying an additional 1,167 shares in the last quarter. Hedge funds and other institutional investors 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.