Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, UBS Group Analyst Says

Confluent (NASDAQ:CFLT) had its price target boosted by UBS Group from $23.00 to $26.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

CFLT has been the subject of a number of other reports. Citigroup upped their target price on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Piper Sandler dropped their price objective on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Truist Financial reiterated a “buy” rating and set a $30.00 target price (down from $36.00) on shares of Confluent in a research report on Thursday, August 1st. Royal Bank of Canada increased their price target on shares of Confluent from $26.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Scotiabank decreased their price objective on Confluent from $28.00 to $25.00 and set a “sector perform” rating on the stock in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.74.

Confluent Trading Up 0.2 %

Shares of CFLT stock opened at $26.22 on Thursday. The company has a current ratio of 4.24, a quick ratio of 4.44 and a debt-to-equity ratio of 1.17. Confluent has a 1 year low of $14.69 and a 1 year high of $35.07. The firm’s fifty day simple moving average is $21.04 and its 200 day simple moving average is $24.62. The firm has a market capitalization of $8.46 billion, a P/E ratio of -23.62 and a beta of 0.81.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The business had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. As a group, sell-side analysts predict that Confluent will post -0.95 EPS for the current year.

Insider Activity

In related news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,045,235.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CTO Chad Verbowski sold 13,540 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $293,547.20. Following the transaction, the chief technology officer now directly owns 496,807 shares in the company, valued at $10,770,775.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,045,235.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 524,453 shares of company stock valued at $10,833,388. 13.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Confluent

Institutional investors have recently modified their holdings of the stock. Assetmark Inc. boosted its stake in Confluent by 75,257.1% during the 3rd quarter. Assetmark Inc. now owns 36,925 shares of the company’s stock worth $753,000 after acquiring an additional 36,876 shares during the last quarter. SpiderRock Advisors LLC increased its holdings in shares of Confluent by 323.7% in the third quarter. SpiderRock Advisors LLC now owns 264,038 shares of the company’s stock worth $5,381,000 after acquiring an additional 201,721 shares in the last quarter. Fiera Capital Corp bought a new stake in Confluent during the 3rd quarter worth approximately $21,127,000. Janney Capital Management LLC raised its holdings in Confluent by 52.2% during the 3rd quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock worth $406,000 after buying an additional 6,842 shares during the period. Finally, US Bancorp DE lifted its stake in Confluent by 307.7% in the third quarter. US Bancorp DE now owns 16,702 shares of the company’s stock valued at $340,000 after buying an additional 12,605 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.