Confluent (NASDAQ:CFLT) Given New $35.00 Price Target at Piper Sandler

Confluent (NASDAQ:CFLT) had its price target hoisted by Piper Sandler from $32.00 to $35.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities research analysts have also recently commented on CFLT. UBS Group lifted their price target on shares of Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Evercore ISI lowered their target price on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. Royal Bank of Canada increased their price target on Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. upped their price objective on shares of Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $31.00 price target on shares of Confluent in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.46.

Confluent Stock Up 1.9 %

CFLT stock opened at $29.83 on Monday. The stock has a market cap of $9.78 billion, a P/E ratio of -26.87 and a beta of 0.91. 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 stock’s fifty day simple moving average is $29.30 and its two-hundred day simple moving average is $24.95. Confluent has a 1-year low of $17.79 and a 1-year high of $35.07.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The company had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. Analysts expect that Confluent will post -0.9 EPS for the current year.

Insider Transactions at Confluent

In related news, Director Matthew Craig Miller sold 1,084,259 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $28.90, for a total transaction of $31,335,085.10. Following the transaction, the director now directly owns 12,559 shares of the company’s stock, valued at approximately $362,955.10. This trade represents a 98.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CMO Stephanie Buscemi sold 164,123 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $26.24, for a total value of $4,306,587.52. Following the completion of the sale, the chief marketing officer now owns 149,644 shares of the company’s stock, valued at $3,926,658.56. The trade was a 52.31 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,584,712 shares of company stock valued at $132,928,936. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of large investors have recently added to or reduced their stakes in CFLT. GAMMA Investing LLC boosted its position in Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after buying an additional 1,136 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of Confluent in the 3rd quarter valued at about $68,000. Acadian Asset Management LLC purchased a new stake in Confluent during the 2nd quarter valued at about $175,000. Plato Investment Management Ltd grew its position in Confluent by 2,184.1% during the 2nd quarter. Plato Investment Management Ltd now owns 6,601 shares of the company’s stock worth $195,000 after acquiring an additional 6,312 shares during the last quarter. Finally, Centaurus Financial Inc. increased its stake in Confluent by 109.2% in the 2nd quarter. Centaurus Financial Inc. now owns 7,320 shares of the company’s stock worth $216,000 after purchasing an additional 3,821 shares during the period. Hedge funds and other 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.