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

Confluent (NASDAQ:CFLT) had its price target upped by Citigroup from $24.00 to $25.00 in a report released on Tuesday, Benzinga reports. The firm currently has a neutral rating on the stock.

Several other analysts have also recently issued reports on the stock. Sanford C. Bernstein lowered their price objective on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Wells Fargo & Company reduced their price objective on Confluent from $38.00 to $34.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Piper Sandler cut their target price on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Scotiabank dropped their target price on Confluent from $28.00 to $25.00 and set a “sector perform” rating on the stock in a report on Thursday, August 1st. Finally, DA Davidson restated a “buy” rating and issued a $30.00 price target on shares of Confluent in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $30.28.

Confluent Trading Up 0.2 %

Shares of Confluent stock opened at $26.22 on Tuesday. Confluent has a 1 year low of $14.69 and a 1 year high of $35.07. The company has a market capitalization of $8.46 billion, a P/E ratio of -23.62 and a beta of 0.88. The company’s fifty day moving average is $21.04 and its two-hundred day moving average is $24.67. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44.

Confluent (NASDAQ:CFLT) last issued 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. The company had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.97%. Analysts forecast that Confluent will post -0.95 earnings per share for the current year.

Insider Activity

In related news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the transaction, the chief marketing officer now directly owns 161,673 shares in the company, valued at approximately $3,505,070.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Confluent news, CTO Chad Verbowski sold 13,540 shares of Confluent stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $293,547.20. Following the completion of the sale, the chief technology officer now owns 496,807 shares of the company’s stock, valued at approximately $10,770,775.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at $3,505,070.64. The trade was a 0.00 % decrease in their ownership of the stock. 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 over the last quarter. Company insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several hedge funds have recently bought and sold shares of CFLT. Hollencrest Capital Management purchased a new stake in shares of Confluent in the 1st quarter worth $26,000. V Square Quantitative Management LLC acquired a new position in shares of Confluent during the second quarter valued at about $68,000. UniSuper Management Pty Ltd increased its holdings in shares of Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after purchasing an additional 1,500 shares during the period. Advisors Asset Management Inc. increased its stake in shares of Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after acquiring an additional 859 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings in Confluent by 25.5% in the first quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock valued at $175,000 after acquiring an additional 1,167 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.