Confluent (NASDAQ:CFLT) Price Target Raised to $40.00 at Evercore ISI

Confluent (NASDAQ:CFLT) had its target price upped by Evercore ISI from $32.00 to $40.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

CFLT has been the subject of a number of other research reports. Royal Bank of Canada lifted their target price on Confluent from $33.00 to $36.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Scotiabank boosted their price objective on shares of Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. increased their target price on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Robert W. Baird boosted their price target on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Bank of America upped their price target on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $35.00.

Confluent Stock Up 25.1 %

CFLT opened at $37.65 on Wednesday. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. The company has a market cap of $12.35 billion, a PE ratio of -33.92 and a beta of 0.92. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The company has a 50 day moving average of $29.58 and a 200 day moving average of $25.37.

Confluent (NASDAQ:CFLT) last posted its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. On average, sell-side analysts expect that Confluent will post -0.9 EPS for the current year.

Insider Transactions at Confluent

In other Confluent news, CTO Chad Verbowski sold 13,414 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $378,677.22. Following the transaction, the chief technology officer now owns 483,393 shares in the company, valued at approximately $13,646,184.39. The trade was a 2.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Erica Schultz sold 9,467 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $267,253.41. Following the completion of the sale, the insider now directly owns 678,016 shares in the company, valued at $19,140,391.68. The trade was a 1.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,508,636 shares of company stock worth $47,198,798. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Hedge funds have recently made changes to their positions in the business. Landscape Capital Management L.L.C. purchased a new position in shares of Confluent during the 4th quarter worth approximately $1,409,000. Resolute Advisors LLC bought a new position in Confluent in the 4th quarter worth about $273,000. ExodusPoint Capital Management LP bought a new stake in Confluent during the 4th quarter valued at about $6,892,000. Trexquant Investment LP raised its holdings in Confluent by 4,111.5% in the fourth quarter. Trexquant Investment LP now owns 652,193 shares of the company’s stock worth $18,235,000 after buying an additional 636,707 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Confluent by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock worth $123,339,000 after buying an additional 84,163 shares in the last quarter. 78.09% of the stock is 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.