Confluent (NASDAQ:CFLT) Hits New 12-Month High Following Analyst Upgrade

Confluent, Inc. (NASDAQ:CFLT) shares reached a new 52-week high during mid-day trading on Wednesday after Morgan Stanley raised their price target on the stock from $30.00 to $32.00. Morgan Stanley currently has an equal weight rating on the stock. Confluent traded as high as $35.72 and last traded at $35.48, with a volume of 5915059 shares. The stock had previously closed at $30.10.

Other equities research analysts have also recently issued research reports about the company. Needham & Company LLC upped their target price on Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday. Canaccord Genuity Group boosted their price objective on shares of Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday. Citigroup raised their target price on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Barclays boosted 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. Finally, Bank of America upped their price target on shares of Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Confluent currently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Insider Buying and Selling at Confluent

In other Confluent news, Director Matthew Craig Miller sold 541,850 shares of Confluent stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $30.32, for a total transaction of $16,428,892.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Erica Schultz sold 9,467 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $267,253.41. Following the completion of the sale, the insider now directly owns 678,016 shares in the company, valued at approximately $19,140,391.68. The trade was a 1.38 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,508,636 shares of company stock valued at $47,198,798. 13.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Confluent

Hedge funds have recently modified their holdings of the company. Blue Trust Inc. grew its position 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 acquiring an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Confluent in the fourth quarter worth $59,000. Point72 Hong Kong Ltd bought a new stake in shares of Confluent during the third quarter worth $68,000. GAMMA Investing LLC increased its stake in shares of Confluent by 85.3% in 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 in the last quarter. Finally, AlphaQuest LLC raised its holdings in shares of Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after buying an additional 3,538 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Confluent Trading Up 25.1 %

The company’s 50-day moving average is $29.58 and its 200-day moving average is $25.37. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. The firm has a market cap of $12.35 billion, a price-to-earnings ratio of -33.92 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates 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, research analysts predict that Confluent, Inc. will post -0.9 earnings per share for the current year.

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.