Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, Piper Sandler Analyst Says

Confluent (NASDAQ:CFLT) had its price target boosted by analysts at Piper Sandler from $32.00 to $35.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price indicates a potential upside of 21.53% from the company’s current price.

CFLT has been the topic of a number of other reports. JMP Securities restated a “market outperform” rating and set a $40.00 target price on shares of Confluent in a research report on Tuesday, October 29th. Stifel Nicolaus increased their price objective on shares of Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. JPMorgan Chase & Co. lifted their target price on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. UBS Group increased their price target on Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 price objective on shares of Confluent in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $32.46.

Confluent Price Performance

CFLT opened at $28.80 on Monday. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The stock has a market capitalization of $9.45 billion, a P/E ratio of -25.95 and a beta of 0.91. The company’s 50 day simple moving average is $29.41 and its 200-day simple moving average is $24.96. Confluent has a one year low of $17.79 and a one year high of $35.07.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.03. The firm had revenue of $250.20 million for 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%. Sell-side analysts anticipate that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Kong Phan sold 3,947 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the transaction, the chief accounting officer now owns 179,939 shares of the company’s stock, valued at approximately $5,171,446.86. This trade represents a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chad Verbowski sold 13,414 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $378,677.22. Following the sale, the chief technology officer now directly owns 483,393 shares in the company, valued at $13,646,184.39. This trade represents a 2.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,584,712 shares of company stock worth $132,928,936 over the last three months. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several hedge funds have recently modified their holdings of the stock. Champlain Investment Partners LLC boosted its position in Confluent by 72.2% during 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. 1832 Asset Management L.P. boosted 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 buying an additional 1,684,100 shares during the last quarter. William Blair Investment Management LLC bought a new position in shares of Confluent in the second quarter valued at $193,403,000. Geode Capital Management LLC increased its holdings in Confluent by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock worth $88,180,000 after buying an additional 107,510 shares during the last quarter. Finally, Atreides Management LP increased its holdings in Confluent by 7.3% during the third quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock worth $55,167,000 after buying an additional 184,865 shares during the last quarter. 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.