Confluent (NASDAQ:CFLT) Given New $38.00 Price Target at JMP Securities

Confluent (NASDAQ:CFLTFree Report) had its price objective raised by JMP Securities from $25.00 to $38.00 in a research note released on Thursday morning, Benzinga reports. They currently have a market outperform rating on the stock.

CFLT has been the topic of several other research reports. Bank of America downgraded shares of Confluent from a neutral rating to an underperform rating and lowered their price target for the company from $38.00 to $24.00 in a report on Thursday, November 2nd. Guggenheim upgraded shares of Confluent from a neutral rating to a buy rating and set a $23.00 price objective on the stock in a research report on Friday, November 3rd. Canaccord Genuity Group cut shares of Confluent from a buy rating to a hold rating and set a $26.00 price objective on the stock. in a research report on Thursday, November 2nd. UBS Group lifted their price objective on shares of Confluent from $21.00 to $26.00 and gave the company a neutral rating in a research report on Monday. Finally, Loop Capital began coverage on shares of Confluent in a research report on Tuesday, January 30th. They set a hold rating and a $23.00 price objective on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, Confluent currently has an average rating of Moderate Buy and a consensus price target of $30.42.

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Confluent Price Performance

Shares of NASDAQ:CFLT opened at $32.57 on Thursday. The company has a debt-to-equity ratio of 1.38, a current ratio of 4.98 and a quick ratio of 4.98. Confluent has a 1-year low of $14.69 and a 1-year high of $41.22. The company has a market capitalization of $10.03 billion, a P/E ratio of -21.15 and a beta of 0.69. The firm’s 50 day simple moving average is $23.35 and its two-hundred day simple moving average is $26.89.

Insiders Place Their Bets

In other Confluent news, insider Erica Schultz sold 50,000 shares of Confluent stock in a transaction on Monday, November 20th. The shares were sold at an average price of $19.28, for a total transaction of $964,000.00. Following the completion of the transaction, the insider now directly owns 479,537 shares of the company’s stock, valued at $9,245,473.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Rohan Sivaram sold 5,278 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $18.73, for a total transaction of $98,856.94. Following the completion of the sale, the chief financial officer now directly owns 327,370 shares of the company’s stock, valued at $6,131,640.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Erica Schultz sold 50,000 shares of the business’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $19.28, for a total transaction of $964,000.00. Following the sale, the insider now directly owns 479,537 shares of the company’s stock, valued at $9,245,473.36. The disclosure for this sale can be found here. Insiders sold 439,216 shares of company stock valued at $10,241,051 over the last three months. 22.08% of the stock is owned by company insiders.

Institutional Trading of Confluent

Large investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. purchased a new stake in shares of Confluent during the first quarter valued at $30,000. Geneos Wealth Management Inc. purchased a new stake in shares of Confluent during the first quarter valued at $43,000. UniSuper Management Pty Ltd purchased a new stake in Confluent in the third quarter worth about $36,000. Rakuten Securities Inc. purchased a new stake in Confluent in the fourth quarter worth about $31,000. Finally, AlphaCentric Advisors LLC purchased a new stake in Confluent in the second quarter worth about $52,000. 59.30% of the stock is owned by hedge funds and other institutional investors.

About Confluent

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

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Analyst Recommendations for Confluent (NASDAQ:CFLT)

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