Confluent (NASDAQ:CFLT) Given New $36.00 Price Target at Royal Bank of Canada

Confluent (NASDAQ:CFLT) had its target price boosted by Royal Bank of Canada from $33.00 to $36.00 in a research note issued to investors on Friday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other equities research analysts have also recently weighed in on CFLT. Robert W. Baird increased their price target on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Truist Financial increased their target price on shares of Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. TD Cowen boosted their price target on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Sanford C. Bernstein decreased their price objective on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Citigroup boosted their target price on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Confluent has an average rating of “Moderate Buy” and an average target price of $32.35.

Confluent Stock Performance

Confluent stock opened at $29.26 on Friday. The business has a 50 day moving average of $29.15 and a 200-day moving average of $24.97. The company has a market capitalization of $9.60 billion, a P/E ratio of -26.36 and a beta of 0.91. Confluent has a 1 year low of $17.79 and a 1 year high of $35.07. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24.

Confluent (NASDAQ:CFLT) last announced its quarterly 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. The firm had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. On average, equities research analysts predict that Confluent will post -0.9 earnings per share for the current year.

Insider Activity at Confluent

In other Confluent news, CTO Chad Verbowski sold 13,414 shares of Confluent stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $378,677.22. Following the transaction, the chief technology officer now owns 483,393 shares of the company’s stock, valued at $13,646,184.39. This trade represents a 2.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michelangelo Volpi sold 50,000 shares of the business’s stock in a transaction that occurred on 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 owns 280,200 shares in the company, valued at $7,262,784. The trade was a 15.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,584,712 shares of company stock valued at $132,928,936 over the last 90 days. Insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Hedge funds have recently bought and sold shares of the business. Champlain Investment Partners LLC increased its holdings in Confluent by 72.2% during the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after buying an additional 4,486,841 shares during the last quarter. 1832 Asset Management L.P. grew its position in shares of Confluent by 28.4% during the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after acquiring an additional 1,684,100 shares during the period. William Blair Investment Management LLC purchased a new stake in shares of Confluent during the 2nd quarter worth approximately $193,403,000. 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 worth $88,180,000 after purchasing an additional 107,510 shares during the period. Finally, Atreides Management LP lifted its stake in Confluent by 7.3% in the third quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock valued at $55,167,000 after purchasing an additional 184,865 shares during the last quarter. 78.09% of the stock is currently 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.