Barclays Increases Confluent (NASDAQ:CFLT) Price Target to $34.00

Confluent (NASDAQ:CFLT) had its price objective hoisted by equities research analysts at Barclays from $33.00 to $34.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective points to a potential upside of 9.57% from the company’s previous close.

A number of other research analysts have also recently commented on the company. Scotiabank upped their price objective on Confluent from $22.00 to $28.00 and gave the company a “sector perform” rating in a report on Thursday, February 8th. JMP Securities upped their price objective on Confluent from $25.00 to $38.00 and gave the company a “market outperform” rating in a report on Thursday, February 8th. Needham & Company LLC reiterated a “buy” rating and issued a $38.00 price objective on shares of Confluent in a report on Wednesday. Canaccord Genuity Group upgraded Confluent from a “hold” rating to a “buy” rating and upped their price objective for the company from $28.00 to $35.00 in a report on Wednesday. Finally, UBS Group upped their price target on Confluent from $21.00 to $26.00 and gave the stock a “neutral” rating in a research note on Monday, February 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat, Confluent presently has an average rating of “Moderate Buy” and a consensus target price of $32.88.

Confluent Price Performance

CFLT stock opened at $31.03 on Wednesday. Confluent has a 1 year low of $14.69 and a 1 year high of $41.22. The firm has a market capitalization of $9.70 billion, a PE ratio of -21.11 and a beta of 0.93. The business has a 50 day simple moving average of $30.20 and a 200-day simple moving average of $26.28. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. The business had revenue of $213.18 million during the quarter, compared to analyst estimates of $204.62 million. Equities research analysts anticipate that Confluent will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $33.50, for a total transaction of $2,134,921.50. Following the completion of the sale, the insider now owns 480,471 shares in the company, valued at $16,095,778.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CTO Chad Verbowski sold 8,086 shares of Confluent stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total transaction of $252,283.20. Following the sale, the chief technology officer now owns 532,072 shares in the company, valued at $16,600,646.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $33.50, for a total value of $2,134,921.50. Following the completion of the sale, the insider now directly owns 480,471 shares of the company’s stock, valued at $16,095,778.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 732,173 shares of company stock worth $24,194,120. 13.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Blair William & Co. IL grew its position in shares of Confluent by 24.5% during the first quarter. Blair William & Co. IL now owns 17,800 shares of the company’s stock worth $543,000 after acquiring an additional 3,501 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Confluent by 20.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 154,939 shares of the company’s stock worth $4,729,000 after purchasing an additional 26,100 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Confluent by 19.6% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,501 shares of the company’s stock worth $473,000 after purchasing an additional 2,542 shares during the last quarter. ProShare Advisors LLC increased its stake in Confluent by 19.6% in the first quarter. ProShare Advisors LLC now owns 11,719 shares of the company’s stock valued at $358,000 after purchasing an additional 1,922 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in shares of Confluent by 0.7% in the first quarter. Russell Investments Group Ltd. now owns 260,808 shares of the company’s stock valued at $7,960,000 after buying an additional 1,707 shares during the last quarter. Institutional investors and hedge funds 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.