Confluent (NASDAQ:CFLT) Price Target Raised to $35.00

Confluent (NASDAQ:CFLT) had its target price raised by Barclays from $32.00 to $35.00 in a report published on Friday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

Other equities analysts have also recently issued reports about the company. JMP Securities reissued a “market outperform” rating and set a $40.00 price target on shares of Confluent in a report on Tuesday, October 29th. Baird R W raised shares of Confluent to a “hold” rating in a report on Wednesday, September 4th. JPMorgan Chase & Co. lifted their price target on shares of Confluent from $25.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Mizuho upped their price objective on Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Finally, Sanford C. Bernstein decreased their target price on Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and one has issued 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 price target of $31.23.

Confluent Stock Performance

CFLT stock opened at $33.66 on Friday. The stock has a market capitalization of $11.04 billion, a PE ratio of -30.32 and a beta of 0.88. The stock’s 50 day simple moving average is $25.68 and its 200 day simple moving average is $24.66. Confluent has a 12-month low of $17.79 and a 12-month high of $35.07. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The business had revenue of $250.20 million for the quarter, compared to analysts’ expectations of $243.98 million. As a group, research analysts forecast that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In other news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $31.21, for a total transaction of $1,988,982.09. Following the completion of the sale, the insider now directly owns 678,016 shares of the company’s stock, valued at approximately $21,160,879.36. The trade was a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Kong Phan sold 2,096 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $59,170.08. Following the completion of the transaction, the chief accounting officer now directly owns 190,680 shares in the company, valued at $5,382,896.40. This represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,069,108 shares of company stock worth $116,165,158 over the last ninety days. Company insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Oddo BHF Asset Management Sas purchased a new stake in shares of Confluent in the 3rd quarter worth $7,646,000. Tidal Investments LLC raised its holdings in shares of Confluent by 521.0% in the third quarter. Tidal Investments LLC now owns 50,545 shares of the company’s stock valued at $1,030,000 after acquiring an additional 42,406 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in Confluent by 21.2% in the third quarter. Sanctuary Advisors LLC now owns 18,825 shares of the company’s stock worth $384,000 after acquiring an additional 3,298 shares during the period. Westside Investment Management Inc. grew its holdings in Confluent by 11,796.1% during the 3rd quarter. Westside Investment Management Inc. now owns 12,253 shares of the company’s stock worth $250,000 after acquiring an additional 12,150 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Confluent by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock valued at $88,180,000 after purchasing an additional 107,510 shares in the last quarter. 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.