Analysts Set Confluent, Inc. (NASDAQ:CFLT) Price Target at $35.15

Shares of Confluent, Inc. (NASDAQ:CFLT - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the thirty analysts that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation, twenty-one have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $35.15.

A number of analysts have recently commented on CFLT shares. Wells Fargo & Company boosted their price target on Confluent from $40.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Guggenheim boosted their target price on Confluent from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Royal Bank of Canada raised their price target on Confluent from $36.00 to $41.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. Loop Capital dropped their price target on shares of Confluent from $34.00 to $30.00 and set a "hold" rating on the stock in a research note on Monday, March 10th. Finally, Bank of America increased their price objective on shares of Confluent from $26.00 to $31.00 and gave the company an "underperform" rating in a research report on Wednesday, February 12th.

Insider Activity

In other Confluent news, CFO Rohan Sivaram sold 68,350 shares of Confluent stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the transaction, the chief financial officer now owns 520,273 shares of the company's stock, valued at $18,849,490.79. The trade was a 11.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Kong Phan sold 2,178 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $31.58, for a total transaction of $68,781.24. Following the completion of the transaction, the chief accounting officer now owns 177,415 shares of the company's stock, valued at approximately $5,602,765.70. The trade was a 1.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,200,746 shares of company stock valued at $38,505,150 in the last 90 days. Company insiders own 13.82% of the company's stock.

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Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Credit Industriel ET Commercial purchased a new position in shares of Confluent in the fourth quarter valued at about $28,000. Versant Capital Management Inc raised its stake in Confluent by 2,458.2% during the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock valued at $40,000 after purchasing an additional 1,647 shares during the period. Blue Trust Inc. lifted its holdings in Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after purchasing an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Confluent in the 4th quarter worth approximately $59,000. Finally, GAMMA Investing LLC boosted its stake in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after purchasing an additional 1,136 shares during the period. Institutional investors own 78.09% of the company's stock.

Confluent Stock Down 7.2 %

CFLT traded down $1.64 during trading on Friday, reaching $21.22. The stock had a trading volume of 4,204,283 shares, compared to its average volume of 4,485,680. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $7.09 billion, a price-to-earnings ratio of -19.65 and a beta of 1.03. The stock's 50 day moving average is $27.79 and its two-hundred day moving average is $27.27. Confluent has a one year low of $17.79 and a one year high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. As a group, analysts expect that Confluent will post -0.83 earnings per share for the current 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.