Royal Bank of Canada Boosts Confluent (NASDAQ:CFLT) Price Target to $36.00

Confluent (NASDAQ:CFLT - Free Report) had its target price hoisted by Royal Bank of Canada from $33.00 to $36.00 in a research report released on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also commented on CFLT. Stifel Nicolaus upped their price target on Confluent from $34.00 to $37.00 and gave the company a "buy" rating in a research report on Wednesday, December 18th. Sanford C. Bernstein decreased their target price on Confluent from $38.00 to $33.00 and set an "outperform" rating for the company in a report on Friday, October 25th. Barclays raised their price target on Confluent from $32.00 to $35.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Needham & Company LLC reissued a "buy" rating and set a $31.00 price objective on shares of Confluent in a research report on Friday, November 15th. Finally, DA Davidson reaffirmed a "buy" rating and issued a $30.00 target price on shares of Confluent in a research report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $32.35.

Confluent Trading Up 3.6 %

Shares of NASDAQ:CFLT traded up $1.01 during trading on Friday, reaching $29.26. 1,983,867 shares of the company traded hands, compared to its average volume of 2,406,634. 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 has a 52-week low of $17.79 and a 52-week high of $35.07. The firm has a market capitalization of $9.60 billion, a price-to-earnings ratio of -26.36 and a beta of 0.91. The business's fifty day moving average is $29.15 and its 200-day moving average is $24.97.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly 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. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The business had revenue of $250.20 million during the quarter, compared to analysts' expectations of $243.98 million. As a group, analysts forecast that Confluent will post -0.9 EPS for the current year.

Insider Activity at Confluent

In other news, CTO Chad Verbowski sold 13,414 shares of Confluent stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $378,677.22. Following the completion of the sale, the chief technology officer now directly owns 483,393 shares in the company, valued at $13,646,184.39. The trade was a 2.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Kong Phan sold 2,096 shares of the business's stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $59,170.08. Following the transaction, the chief accounting officer now directly owns 190,680 shares of the company's stock, valued at $5,382,896.40. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,584,712 shares of company stock valued at $132,928,936 over the last 90 days. Corporate insiders own 13.82% of the company's stock.

Hedge Funds Weigh In On Confluent

A number of institutional investors and hedge funds have recently modified their holdings of the company. Diversified Trust Co lifted its holdings in Confluent by 110.3% in the third quarter. Diversified Trust Co now owns 60,503 shares of the company's stock valued at $1,233,000 after acquiring an additional 31,729 shares during the period. Sycomore Asset Management increased its position in shares of Confluent by 308.3% during the 2nd quarter. Sycomore Asset Management now owns 333,083 shares of the company's stock valued at $9,176,000 after purchasing an additional 251,507 shares during the last quarter. Quantbot Technologies LP lifted its stake in shares of Confluent by 1,465.6% in the 3rd quarter. Quantbot Technologies LP now owns 30,295 shares of the company's stock worth $617,000 after purchasing an additional 28,360 shares during the period. Pathway Capital Management LP purchased a new position in shares of Confluent in the third quarter worth approximately $918,000. Finally, Charles Schwab Investment Management Inc. grew its position in Confluent by 2.9% during 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 buying an additional 64,926 shares during the period. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

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.