Wells Fargo & Company Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its price objective boosted by analysts at Wells Fargo & Company from $40.00 to $42.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 15.93% from the stock’s current price.

A number of other brokerages have also commented on CFLT. Bank of America boosted their price objective on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday. Canaccord Genuity Group boosted their price objective on shares of Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday. Truist Financial boosted their price objective on shares of Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Evercore ISI boosted their price objective on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Barclays boosted their price objective on shares of Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $35.00.

Confluent Stock Performance

Shares of CFLT opened at $36.23 on Wednesday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent has a twelve month low of $17.79 and a twelve month high of $37.90. The firm’s 50 day moving average price is $29.64 and its two-hundred day moving average price is $25.45. The firm has a market cap of $11.88 billion, a P/E ratio of -32.64 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. On average, analysts forecast that Confluent will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling at Confluent

In other news, insider Erica Schultz sold 9,467 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $267,253.41. Following the completion of the sale, the insider now owns 678,016 shares of the company’s stock, valued at approximately $19,140,391.68. The trade was a 1.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Chad Verbowski sold 13,414 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $378,677.22. Following the completion of the sale, the chief technology officer now directly owns 483,393 shares of the company’s stock, valued at approximately $13,646,184.39. The trade was a 2.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,508,636 shares of company stock worth $47,198,798 over the last ninety days. Insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of institutional investors have recently modified their holdings of CFLT. Champlain Investment Partners LLC boosted its position in shares of Confluent by 72.2% in the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after acquiring an additional 4,486,841 shares during the period. Norges Bank bought a new stake in shares of Confluent in the fourth quarter valued at about $81,092,000. Pictet Asset Management Holding SA boosted its position in shares of Confluent by 7,342.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock valued at $65,748,000 after acquiring an additional 2,319,919 shares during the period. Fiera Capital Corp bought a new stake in shares of Confluent in the third quarter valued at about $21,127,000. Finally, MIG Capital LLC bought a new stake in shares of Confluent in the fourth quarter valued at about $27,007,000. Institutional investors 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.