Wells Fargo & Company Increases Confluent (NASDAQ:CFLT) Price Target to $42.00

Confluent (NASDAQ:CFLT) had its target price upped by stock analysts at Wells Fargo & Company from $40.00 to $42.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 15.93% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Canaccord Genuity Group raised their price objective on shares of Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. Bank of America raised their price objective on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday. Mizuho raised their price objective on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Morgan Stanley reaffirmed an “equal weight” rating and set a $30.00 price objective (down from $33.00) on shares of Confluent in a report on Thursday, January 16th. Finally, Citigroup raised their price objective on shares of Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. One 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Confluent Price Performance

NASDAQ:CFLT opened at $36.23 on Wednesday. The stock has a market cap of $11.88 billion, a P/E ratio of -32.64 and a beta of 0.92. Confluent has a one year low of $17.79 and a one year high of $37.90. The company has a fifty day moving average price of $29.64 and a 200 day moving average price of $25.45. 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 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%. Analysts anticipate that Confluent will post -0.9 earnings per share for the current year.

Insider Transactions at Confluent

In other 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 completion of the sale, the chief technology officer now owns 483,393 shares in the company, valued at $13,646,184.39. The trade was a 2.70 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the sale, the insider now owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. This represents a 8.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,508,636 shares of company stock worth $47,198,798 in the last quarter. 13.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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