Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, UBS Group Analyst Says

Confluent (NASDAQ:CFLT) had its target price boosted by equities researchers at UBS Group from $23.00 to $26.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. UBS Group’s target price suggests a potential downside of 0.42% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Wells Fargo & Company cut their target price on Confluent from $38.00 to $34.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. TD Cowen lifted their price objective on Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday. Mizuho raised their price objective on shares of Confluent from $29.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday. JPMorgan Chase & Co. lifted their price objective on Confluent from $25.00 to $26.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, DA Davidson restated a “buy” rating and issued a $30.00 price objective on shares of Confluent in a research report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.28.

Confluent Price Performance

Shares of NASDAQ:CFLT traded up $3.04 during midday trading on Thursday, hitting $26.11. The stock had a trading volume of 10,352,551 shares, compared to its average volume of 4,328,993. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $35.07. The company has a market capitalization of $8.43 billion, a P/E ratio of -22.07 and a beta of 0.88. The company’s 50-day moving average price is $20.84 and its 200-day moving average price is $24.67.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results 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. The firm had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. As a group, equities research analysts predict that Confluent will post -0.95 EPS for the current fiscal year.

Insider Transactions at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,561,071.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total value of $4,912,725.00. Following the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,561,071.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the sale, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 524,453 shares of company stock valued at $10,833,388 in the last 90 days. Insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Hedge funds have recently added to or reduced their stakes in the company. Janney Capital Management LLC grew its stake in Confluent by 52.2% in the 3rd quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock valued at $406,000 after acquiring an additional 6,842 shares during the period. US Bancorp DE boosted its stake in shares of Confluent by 307.7% in the third quarter. US Bancorp DE now owns 16,702 shares of the company’s stock worth $340,000 after acquiring an additional 12,605 shares during the last quarter. Lake Street Advisors Group LLC lifted its holdings in Confluent by 14.0% in the 3rd quarter. Lake Street Advisors Group LLC now owns 18,481 shares of the company’s stock valued at $377,000 after purchasing an additional 2,263 shares in the last quarter. SWS Partners purchased a new stake in Confluent during the 3rd quarter valued at about $802,000. Finally, Creative Planning lifted its stake in Confluent by 109.9% in the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after purchasing an additional 49,699 shares in the last quarter. 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.