Wells Fargo & Company Boosts Confluent (NASDAQ:CFLT) Price Target to $38.00

Confluent (NASDAQ:CFLT) had its target price lifted by Wells Fargo & Company from $36.00 to $38.00 in a report released on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. UBS Group upped their price objective on shares of Confluent from $21.00 to $26.00 and gave the stock a neutral rating in a report on Monday, February 5th. The Goldman Sachs Group lifted their price objective on Confluent from $24.00 to $27.00 and gave the company a neutral rating in a research note on Thursday, February 8th. Scotiabank increased their target price on Confluent from $22.00 to $28.00 and gave the stock a sector perform rating in a research note on Thursday, February 8th. Needham & Company LLC reaffirmed a buy rating and issued a $38.00 price target on shares of Confluent in a research report on Wednesday. Finally, Royal Bank of Canada increased their price objective on shares of Confluent from $35.00 to $37.00 and gave the company an outperform rating in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $32.88.

Confluent Stock Performance

NASDAQ:CFLT opened at $29.42 on Wednesday. The company has a quick ratio of 4.62, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. Confluent has a twelve month low of $14.69 and a twelve month high of $41.22. The stock has a market cap of $9.20 billion, a P/E ratio of -23.54 and a beta of 0.93. The firm’s fifty day simple moving average is $30.04 and its 200 day simple moving average is $26.30.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The firm had revenue of $213.18 million for the quarter, compared to analysts’ expectations of $204.62 million. Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. As a group, research analysts predict that Confluent will post -0.92 EPS for the current year.

Insider Transactions at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $32.46, for a total transaction of $7,546,950.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO Rohan Sivaram sold 7,234 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $232,573.10. Following the completion of the sale, the chief financial officer now directly owns 320,212 shares of the company’s stock, valued at $10,294,815.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $32.46, for a total transaction of $7,546,950.00. The disclosure for this sale can be found here. Insiders sold 873,277 shares of company stock worth $28,572,424 in the last three months. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Institutional investors have recently bought and sold shares of the business. Hollencrest Capital Management purchased a new position in shares of Confluent during the first quarter valued at about $26,000. Rakuten Securities Inc. acquired a new stake in Confluent during the 4th quarter valued at approximately $31,000. Quest Partners LLC acquired a new stake in Confluent in the 4th quarter worth about $31,000. GAMMA Investing LLC purchased a new position in Confluent in the fourth quarter worth approximately $35,000. Finally, UniSuper Management Pty Ltd purchased a new stake in shares of Confluent in the 3rd quarter valued at $36,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.