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

Confluent (NASDAQ:CFLT) had its target price hoisted by investment analysts at TD Cowen from $27.00 to $31.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential upside of 18.23% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. Loop Capital reduced their price objective on Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research note on Friday, July 19th. Mizuho upped their target price on Confluent from $29.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday. 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 note on Thursday, August 1st. Scotiabank cut their target price on Confluent from $28.00 to $25.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 1st. Finally, Canaccord Genuity Group cut their target price on Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have issued 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 company has a consensus rating of “Moderate Buy” and an average target price of $30.28.

Confluent Price Performance

NASDAQ:CFLT opened at $26.22 on Thursday. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $8.46 billion, a P/E ratio of -23.62 and a beta of 0.88. Confluent has a 12 month low of $14.69 and a 12 month high of $35.07. The business’s 50-day moving average is $21.04 and its 200 day moving average is $24.67.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative return on equity of 34.97% and a negative net margin of 38.35%. The company had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. On average, equities research analysts forecast that Confluent will post -0.95 earnings per share for the current fiscal 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 stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the transaction, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Confluent news, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the sale, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lara Caimi sold 9,375 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $20.01, for a total value of $187,593.75. Following the sale, the director now directly owns 7,160 shares in the company, valued at $143,271.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 524,453 shares of company stock worth $10,833,388. Insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Diversified Trust Co grew its position in shares of Confluent by 110.3% during the 3rd 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 grew 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 acquiring an additional 251,507 shares during the period. Sei Investments Co. grew its position in shares of Confluent by 29.1% during the 2nd quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock valued at $9,022,000 after acquiring an additional 68,880 shares during the period. Highland Capital Management LLC acquired a new stake in shares of Confluent during the 1st quarter valued at about $1,181,000. Finally, Creative Planning grew its position in shares of Confluent by 109.9% during the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after acquiring an additional 49,699 shares during the period. 78.09% of the stock is owned by institutional investors and hedge funds.

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.