Brokerages Set Confluent, Inc. (NASDAQ:CFLT) Target Price at $30.88

Confluent, Inc. (NASDAQ:CFLT - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the twenty-eight brokerages that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation, nineteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $30.88.

CFLT has been the subject of a number of research analyst reports. UBS Group boosted their target price on Confluent from $23.00 to $26.00 and gave the company a "neutral" rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. upped their price target on shares of Confluent from $25.00 to $26.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Citigroup raised their price objective on shares of Confluent from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Tuesday, October 29th. JMP Securities reaffirmed a "market outperform" rating and issued a $40.00 target price on shares of Confluent in a research note on Tuesday, October 29th. Finally, Mizuho increased their target price on Confluent from $29.00 to $31.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st.

Confluent Trading Up 0.5 %

Confluent stock traded up $0.16 during midday trading on Monday, hitting $31.00. 2,582,681 shares of the stock were exchanged, compared to its average volume of 4,373,564. The stock has a market capitalization of $10.17 billion, a PE ratio of -28.01 and a beta of 0.82. The company has a fifty day simple moving average of $24.40 and a two-hundred day simple moving average of $24.59. 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 - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping 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 company had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Equities research analysts anticipate that Confluent will post -0.9 EPS for the current fiscal year.

Insider Transactions at Confluent

In related news, CMO Stephanie Buscemi sold 164,123 shares of the business's stock in a transaction on Friday, November 1st. The stock was sold at an average price of $26.24, for a total value of $4,306,587.52. Following the completion of the sale, the chief marketing officer now directly owns 149,644 shares in the company, valued at $3,926,658.56. The trade was a 52.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Wednesday, September 4th. The stock was 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 owns 452,488 shares in the company, valued at $9,045,235.12. The trade was a 33.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 4,237,879 shares of company stock worth $118,823,850. 13.82% of the stock is owned by company insiders.

Hedge Funds Weigh In On Confluent

Several institutional investors and hedge funds have recently modified their holdings of the business. EP Wealth Advisors LLC boosted its holdings in Confluent by 3.6% in the 3rd quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company's stock valued at $293,000 after purchasing an additional 503 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in shares of Confluent by 8.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company's stock valued at $322,000 after buying an additional 857 shares during the period. Fulton Bank N.A. increased its stake in Confluent by 15.0% during the 2nd quarter. Fulton Bank N.A. now owns 8,145 shares of the company's stock worth $241,000 after acquiring an additional 1,064 shares during the period. Assenagon Asset Management S.A. increased its stake in Confluent by 9.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company's stock worth $374,000 after acquiring an additional 1,113 shares during the period. Finally, Truist Financial Corp raised its holdings in Confluent by 5.3% in the 2nd quarter. Truist Financial Corp now owns 24,420 shares of the company's stock valued at $721,000 after acquiring an additional 1,238 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.