Bank of America Forecasts Strong Price Appreciation for Confluent (NASDAQ:CFLT) Stock

Confluent (NASDAQ:CFLT) had its price objective hoisted by stock analysts at Bank of America from $26.00 to $31.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Bank of America‘s price objective suggests a potential downside of 14.44% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. Scotiabank boosted their target price on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. TD Cowen boosted their target price on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Stifel Nicolaus boosted their price objective on Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Sanford C. Bernstein decreased 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. Finally, Needham & Company LLC boosted their price objective on Confluent from $31.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Confluent Price Performance

Confluent stock opened at $36.23 on Wednesday. The firm has a market capitalization of $11.88 billion, a P/E ratio of -32.64 and a beta of 0.92. Confluent has a 1 year low of $17.79 and a 1 year high of $37.90. The business has a 50-day moving average of $29.64 and a 200-day moving average of $25.45. 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 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%. On average, equities analysts anticipate that Confluent will post -0.9 EPS for the current year.

Insider Transactions at Confluent

In related news, CMO Stephanie Buscemi sold 5,271 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $148,800.33. Following the sale, the chief marketing officer now owns 144,373 shares in the company, valued at approximately $4,075,649.79. This represents a 3.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Kong Phan sold 2,096 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $59,170.08. Following the completion of the sale, the chief accounting officer now owns 190,680 shares in the company, valued at approximately $5,382,896.40. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,508,636 shares of company stock worth $47,198,798 in the last 90 days. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of large investors have recently added to or reduced their stakes in CFLT. Champlain Investment Partners LLC raised its stake in Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after acquiring an additional 4,486,841 shares during the period. Norges Bank acquired a new position in Confluent in the 4th quarter valued at $81,092,000. Pictet Asset Management Holding SA grew its holdings in Confluent by 7,342.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock valued at $65,748,000 after buying an additional 2,319,919 shares in the last quarter. Fiera Capital Corp acquired a new position in Confluent in the 3rd quarter valued at $21,127,000. Finally, MIG Capital LLC acquired a new position in Confluent in the 4th quarter valued at $27,007,000. 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.