JPMorgan Chase & Co. Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its target price upped by equities researchers at JPMorgan Chase & Co. from $35.00 to $38.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 20.44% from the stock’s current price.

CFLT has been the topic of several other research reports. Scotiabank boosted their price objective on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. Royal Bank of Canada lifted their target price on shares of Confluent from $26.00 to $33.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Sanford C. Bernstein reduced their target price on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Wells Fargo & Company upped their price target on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Finally, Evercore ISI lowered their target price on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.69.

Confluent Price Performance

Shares of NASDAQ:CFLT traded up $0.27 during trading on Wednesday, reaching $31.55. 1,449,493 shares of the company traded hands, compared to its average volume of 4,345,556. The company’s 50 day moving average is $26.17 and its two-hundred day moving average is $24.63. The firm has a market capitalization of $10.35 billion, a PE ratio of -28.36 and a beta of 0.88. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent has a 52 week low of $17.79 and a 52 week high of $35.07.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.03. The firm had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. As a group, sell-side analysts predict that Confluent will post -0.9 earnings per share for the current year.

Insider Transactions at Confluent

In related news, Director Matthew Craig Miller sold 1,084,259 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $28.90, for a total transaction of $31,335,085.10. Following the completion of the sale, the director now directly owns 12,559 shares in the company, valued at approximately $362,955.10. The trade was a 98.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chad Verbowski sold 13,414 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $378,677.22. Following the sale, the chief technology officer now owns 483,393 shares of the company’s stock, valued at $13,646,184.39. The trade was a 2.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,470,266 shares of company stock worth $129,329,849. Insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several large investors have recently added to or reduced their stakes in the stock. Champlain Investment Partners LLC lifted its stake in Confluent by 72.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after acquiring an additional 4,486,841 shares in the last quarter. 1832 Asset Management L.P. increased its holdings in shares of Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after acquiring an additional 1,684,100 shares during the last quarter. William Blair Investment Management LLC purchased a new position in shares of Confluent in the 2nd quarter valued at about $193,403,000. Geode Capital Management LLC increased its holdings in shares of Confluent by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock valued at $88,180,000 after acquiring an additional 107,510 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Confluent by 60.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock valued at $103,665,000 after acquiring an additional 1,316,804 shares during the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

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.