Confluent (NASDAQ:CFLT) Price Target Raised to $40.00

Confluent (NASDAQ:CFLTGet Rating) had its price objective raised by analysts at Wells Fargo & Company from $35.00 to $40.00 in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 18.59% from the company’s current price.

Several other research analysts also recently commented on the company. Morgan Stanley lifted their target price on Confluent from $39.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Thursday. Credit Suisse Group reduced their target price on Confluent from $80.00 to $65.00 and set an “outperform” rating for the company in a research note on Thursday. Citigroup lifted their target price on Confluent from $26.00 to $32.00 in a research note on Thursday. The Goldman Sachs Group reduced their target price on Confluent from $75.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, April 14th. Finally, Piper Sandler reduced their target price on Confluent from $40.00 to $34.00 in a research note on Wednesday, July 13th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Confluent currently has an average rating of “Moderate Buy” and an average price target of $48.31.

Confluent Stock Up 4.3 %

CFLT stock opened at $33.73 on Thursday. The company has a quick ratio of 6.64, a current ratio of 6.64 and a debt-to-equity ratio of 1.29. The business has a 50 day moving average price of $23.86 and a two-hundred day moving average price of $35.04. The company has a market cap of $9.39 billion, a price-to-earnings ratio of -20.69 and a beta of 1.30. Confluent has a twelve month low of $16.48 and a twelve month high of $94.97.

Confluent (NASDAQ:CFLTGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The company reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.01. The firm had revenue of $126.10 million during the quarter, compared to the consensus estimate of $118.49 million. Confluent had a negative return on equity of 48.98% and a negative net margin of 90.30%. The business’s revenue was up 63.8% compared to the same quarter last year. During the same period last year, the company earned ($0.29) earnings per share. Analysts anticipate that Confluent will post -1.64 EPS for the current fiscal year.

Insider Buying and Selling

In other Confluent news, major shareholder Ventures Vii (Jersey) L. Index sold 4,797 shares of Confluent stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $18.28, for a total value of $87,689.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Confluent news, Director Michelangelo Volpi sold 21,058 shares of Confluent stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $18.28, for a total value of $384,940.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Ventures Vii (Jersey) L. Index sold 4,797 shares of Confluent stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $18.28, for a total value of $87,689.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,547 shares of company stock valued at $485,245. Insiders own 27.94% of the company’s stock.

Hedge Funds Weigh In On Confluent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Confluent in the 2nd quarter valued at $26,000. Fifth Third Bancorp bought a new position in shares of Confluent in the 4th quarter valued at $29,000. Advisors Asset Management Inc. bought a new position in shares of Confluent in the 1st quarter valued at $30,000. Byrne Asset Management LLC bought a new position in shares of Confluent in the 4th quarter valued at $31,000. Finally, James Investment Research Inc. increased its stake in shares of Confluent by 716.9% in the 2nd quarter. James Investment Research Inc. now owns 1,356 shares of the company’s stock valued at $32,000 after purchasing an additional 1,190 shares during the last quarter. 37.20% of the stock is owned by institutional investors and hedge funds.

Confluent Company Profile

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Confluent, Inc operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data in real-time with the foundational platform for data in motion.

Further Reading

Analyst Recommendations for Confluent (NASDAQ:CFLT)

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