UBS Group Increases Confluent (NASDAQ:CFLT) Price Target to $35.00

Confluent (NASDAQ:CFLTGet Rating) had its price target lifted by analysts at UBS Group from $33.00 to $35.00 in a research report issued on Thursday, Marketbeat Ratings reports. The firm currently has a “buy” rating on the stock. UBS Group’s price objective suggests a potential upside of 3.77% from the stock’s current price.

Several other research analysts have also commented on the company. Citigroup raised their price target on Confluent from $26.00 to $32.00 in a research report on Thursday. Credit Suisse Group decreased their target price on Confluent from $80.00 to $65.00 and set an “outperform” rating for the company in a report on Thursday. The Goldman Sachs Group decreased their target price on Confluent from $75.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, April 14th. Deutsche Bank Aktiengesellschaft lifted their target price on Confluent from $28.00 to $32.00 in a report on Thursday. Finally, Morgan Stanley lifted their target price on Confluent from $39.00 to $42.00 and gave the company an “equal weight” rating in a report on Thursday. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.31.

Confluent Trading Up 4.3 %

CFLT opened at $33.73 on Thursday. Confluent has a 52 week low of $16.48 and a 52 week high of $94.97. The business has a fifty day simple moving average of $23.86 and a 200-day simple moving average of $35.04. The firm has a market cap of $9.39 billion, a P/E ratio of -20.69 and a beta of 1.30. The company has a quick ratio of 6.64, a current ratio of 6.64 and a debt-to-equity ratio of 1.29.

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

Insider Transactions at Confluent

In other news, major shareholder Brad Gerstner bought 32,853 shares of the business’s stock in a transaction dated Wednesday, June 15th. The shares were acquired at an average price of $18.83 per share, for a total transaction of $618,621.99. Following the completion of the transaction, the insider now owns 14,456,310 shares of the company’s stock, valued at $272,212,317.30. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Michelangelo Volpi sold 21,058 shares of Confluent stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $18.28, for a total transaction of $384,940.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Brad Gerstner bought 32,853 shares of the business’s stock in a transaction dated Wednesday, June 15th. The shares were purchased at an average price of $18.83 per share, for a total transaction of $618,621.99. Following the transaction, the insider now directly owns 14,456,310 shares of the company’s stock, valued at approximately $272,212,317.30. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 26,547 shares of company stock worth $485,245. Corporate insiders own 27.94% of the company’s stock.

Hedge Funds Weigh In On Confluent

Institutional investors have recently added to or reduced their stakes in the stock. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Confluent in the 2nd quarter valued at about $26,000. Fifth Third Bancorp acquired a new position in Confluent in the 4th quarter valued at about $29,000. Advisors Asset Management Inc. acquired a new position in Confluent in the 1st quarter valued at about $30,000. Byrne Asset Management LLC acquired a new position in Confluent in the 4th quarter valued at about $31,000. Finally, James Investment Research Inc. increased its position in 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 acquiring an additional 1,190 shares during the period. Institutional investors and hedge funds own 37.20% of the company’s stock.

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.

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