Royal Bank of Canada Boosts Confluent (NASDAQ:CFLT) Price Target to $41.00

Confluent (NASDAQ:CFLT) had its price target hoisted by research analysts at Royal Bank of Canada from $36.00 to $41.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 13.17% from the company’s current price.

Other analysts have also issued research reports about the company. Mizuho increased their price objective on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Barclays raised their target price on Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Wednesday. Citigroup raised their target price on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Truist Financial raised their target price on Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Finally, Piper Sandler raised their target price on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Confluent Stock Performance

Shares of CFLT opened at $36.23 on Wednesday. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. The stock has a fifty day moving average price of $29.64 and a 200-day moving average price 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. The firm has a market cap of $11.88 billion, a PE ratio of -32.64 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. Equities research analysts predict that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Lara Caimi sold 34,500 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $31.32, for a total transaction of $1,080,540.00. Following the sale, the director now directly owns 7,160 shares in the company, valued at $224,251.20. This trade represents a 82.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Kong Phan sold 3,947 shares of Confluent stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the sale, the chief accounting officer now owns 179,939 shares in the company, valued at approximately $5,171,446.86. The trade was a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,508,636 shares of company stock worth $47,198,798 in the last ninety days. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Confluent by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock worth $694,207,000 after buying an additional 599,582 shares during the last quarter. Champlain Investment Partners LLC boosted its holdings in Confluent by 1.3% in the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock worth $302,940,000 after buying an additional 133,908 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Confluent by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock worth $123,339,000 after buying an additional 84,163 shares during the last quarter. Norges Bank acquired a new stake in Confluent in the 4th quarter worth about $81,092,000. Finally, Atreides Management LP boosted its holdings in Confluent by 7.3% in the 3rd quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock worth $55,167,000 after buying an additional 184,865 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.