Piper Sandler Boosts Confluent (NASDAQ:CFLT) Price Target to $35.00

Confluent (NASDAQ:CFLT - Get Free Report) had its price objective hoisted by investment analysts at Piper Sandler from $32.00 to $35.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price objective would suggest a potential upside of 17.33% from the stock's current price.

A number of other research firms have also recently weighed in on CFLT. Stifel Nicolaus increased their price objective on shares of Confluent from $34.00 to $37.00 and gave the stock a "buy" rating in a research report on Wednesday, December 18th. Sanford C. Bernstein dropped their price objective on Confluent from $38.00 to $33.00 and set an "outperform" rating for the company in a research note on Friday, October 25th. JPMorgan Chase & Co. increased their target price on Confluent from $35.00 to $38.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 11th. DA Davidson restated a "buy" rating and set a $30.00 target price on shares of Confluent in a report on Wednesday, September 18th. Finally, Wells Fargo & Company increased their price target on shares of Confluent from $35.00 to $40.00 and gave the stock an "overweight" rating in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $32.46.

Confluent Trading Up 1.9 %

CFLT stock traded up $0.57 during midday trading on Monday, hitting $29.83. 3,161,632 shares of the company's stock were exchanged, compared to its average volume of 2,659,409. Confluent has a 1-year low of $17.79 and a 1-year high of $35.07. The business has a 50-day simple moving average of $29.30 and a two-hundred day simple moving average of $24.95. The stock has a market capitalization of $9.78 billion, a PE ratio of -26.87 and a beta of 0.91. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The firm had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. On average, sell-side analysts predict that Confluent will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling

In other Confluent news, CAO Kong Phan sold 3,947 shares of Confluent stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the transaction, the chief accounting officer now directly owns 179,939 shares in the company, valued at approximately $5,171,446.86. This trade represents a 2.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lara Caimi sold 34,500 shares of the company's stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $31.32, for a total value of $1,080,540.00. Following the sale, the director now owns 7,160 shares of the company's stock, valued at $224,251.20. This trade represents a 82.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,584,712 shares of company stock worth $132,928,936 in the last quarter. 13.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Diversified Trust Co boosted its holdings in Confluent by 110.3% in the 3rd quarter. Diversified Trust Co now owns 60,503 shares of the company's stock valued at $1,233,000 after purchasing an additional 31,729 shares in the last quarter. Sycomore Asset Management boosted its stake in shares of Confluent by 308.3% in the second quarter. Sycomore Asset Management now owns 333,083 shares of the company's stock valued at $9,176,000 after buying an additional 251,507 shares in the last quarter. Quantbot Technologies LP grew its holdings in Confluent by 1,465.6% during the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company's stock worth $617,000 after acquiring an additional 28,360 shares during the period. Pathway Capital Management LP purchased a new position in Confluent in the third quarter worth $918,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Confluent by 2.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company's stock valued at $46,549,000 after acquiring an additional 64,926 shares during the period. 78.09% of the stock is 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.