Bank of America Raises Confluent (NASDAQ:CFLT) Price Target to $31.00

Confluent (NASDAQ:CFLT) had its price objective lifted by Bank of America from $26.00 to $31.00 in a report published on Wednesday morning,Benzinga reports. Bank of America currently has an underperform rating on the stock.

CFLT has been the subject of several other reports. Robert W. Baird lifted their price target on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Barclays upped their target price on Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Wednesday. JPMorgan Chase & Co. raised their price target on Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Stifel Nicolaus upped their price objective on Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Finally, UBS Group boosted their price target on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Confluent Trading Down 3.8 %

Shares of NASDAQ CFLT opened at $34.85 on Wednesday. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The stock’s 50 day moving average price is $29.67 and its two-hundred day moving average price is $25.52. Confluent has a 52-week low of $17.79 and a 52-week high of $37.90. The stock has a market capitalization of $11.43 billion, a P/E ratio of -31.40 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last posted its quarterly 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 net margin of 38.35% and a negative return on equity of 34.05%. On average, analysts anticipate that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In related news, CTO Chad Verbowski sold 13,414 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 value of $378,677.22. Following 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Erica Schultz sold 9,467 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $267,253.41. Following the sale, the insider now owns 678,016 shares of the company’s stock, 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. In the last three months, insiders sold 1,508,636 shares of company stock valued at $47,198,798. 13.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Confluent

Institutional investors and hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new position in Confluent in the 2nd quarter worth about $462,000. Creative Planning boosted its holdings in shares of Confluent by 109.9% in the third quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after buying an additional 49,699 shares during the period. Lake Street Advisors Group LLC increased its position in shares of Confluent by 14.0% in the third quarter. Lake Street Advisors Group LLC now owns 18,481 shares of the company’s stock worth $377,000 after acquiring an additional 2,263 shares in the last quarter. US Bancorp DE raised its holdings in shares of Confluent by 307.7% during the third quarter. US Bancorp DE now owns 16,702 shares of the company’s stock valued at $340,000 after acquiring an additional 12,605 shares during the period. Finally, Janney Capital Management LLC lifted its position in shares of 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 in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

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.