Scotiabank Boosts Confluent (NASDAQ:CFLT) Price Target to $35.00

Confluent (NASDAQ:CFLT) had its target price raised by Scotiabank from $27.00 to $35.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s price objective would suggest a potential downside of 3.39% from the company’s current price.

Several other analysts have also commented on the stock. Piper Sandler increased their price target on shares of Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday. Bank of America raised their target price on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday. Robert W. Baird raised their target price on shares of Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. UBS Group raised their target price on shares of Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Finally, Barclays raised their target price on shares of Confluent from $35.00 to $37.00 and gave the stock an “overweight” 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 issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $35.00.

Confluent Stock Down 3.8 %

CFLT stock opened at $36.23 on Wednesday. The company’s 50 day simple moving average is $29.64 and its 200-day simple moving average is $25.45. The firm has a market capitalization of $11.88 billion, a PE ratio of -32.64 and a beta of 0.92. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. 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 released its quarterly earnings results 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 analysts expect that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $27.40, for a total value of $1,746,174.60. Following the transaction, the insider now owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. This trade represents a 8.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Kong Phan sold 3,947 shares of Confluent stock in a transaction on Friday, December 20th. The stock was sold at an average price of $28.74, for a total transaction of $113,436.78. Following the sale, the chief accounting officer now directly owns 179,939 shares in the company, valued at $5,171,446.86. This trade represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,508,636 shares of company stock valued at $47,198,798. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. increased its stake in Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after buying an additional 1,607 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Confluent during the 4th quarter worth $59,000. GAMMA Investing LLC increased its stake in Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after buying an additional 1,136 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Confluent during the 3rd quarter worth $68,000. Finally, AlphaQuest LLC increased its stake in Confluent by 22,112.5% during the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock worth $99,000 after buying an additional 3,538 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.