Confluent, Inc. (NASDAQ:CFLT) Receives $32.37 Average Target Price from Brokerages

Shares of Confluent, Inc. (NASDAQ:CFLT) have earned an average rating of “Moderate Buy” from the twenty-nine brokerages that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, eight have given a hold recommendation, nineteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $32.37.

CFLT has been the topic of a number of research reports. Sanford C. Bernstein lowered 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. JPMorgan Chase & Co. raised their price objective on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Citigroup upped their target price on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. Royal Bank of Canada raised their price target on Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Finally, Mizuho upped their price objective on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, December 13th.

Insider Transactions at Confluent

In related news, CAO Kong Phan sold 2,096 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $59,170.08. Following the sale, the chief accounting officer now owns 190,680 shares of the company’s stock, valued at $5,382,896.40. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Craig Miller sold 1,084,259 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $28.90, for a total transaction of $31,335,085.10. Following the completion of the transaction, the director now directly owns 12,559 shares of the company’s stock, valued at $362,955.10. The trade was a 98.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,584,712 shares of company stock valued at $132,928,936 in the last ninety days. Corporate insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Champlain Investment Partners LLC increased its stake in 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 purchasing an additional 4,486,841 shares during the last quarter. Fiera Capital Corp acquired a new position in shares of Confluent during the 3rd quarter valued at about $21,127,000. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Confluent by 46.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock worth $51,224,000 after acquiring an additional 802,353 shares during the period. Oddo BHF Asset Management Sas acquired a new stake in shares of Confluent in the third quarter worth approximately $7,646,000. Finally, Bridgewater Associates LP grew its holdings in Confluent by 1,325.2% in the third quarter. Bridgewater Associates LP now owns 281,093 shares of the company’s stock valued at $5,729,000 after purchasing an additional 261,370 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $28.93 on Tuesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. Confluent has a 12 month low of $17.79 and a 12 month high of $35.07. The firm has a market capitalization of $9.49 billion, a P/E ratio of -26.06 and a beta of 0.91. The company’s fifty day moving average price is $29.64 and its 200 day moving average price is $24.93.

Confluent (NASDAQ:CFLT) last posted 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. The business 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 fiscal year.

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.