Confluent (NASDAQ:CFLT) PT Raised to $40.00 at JMP Securities

Confluent (NASDAQ:CFLT) had its target price lifted by stock analysts at JMP Securities from $38.00 to $40.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ price objective would indicate a potential upside of 28.91% from the stock’s previous close.

CFLT has been the subject of a number of other reports. Loop Capital started coverage on Confluent in a research note on Tuesday, January 30th. They issued a “hold” rating and a $23.00 target price for the company. Scotiabank raised their price objective on shares of Confluent from $22.00 to $28.00 and gave the stock a “sector perform” rating in a report on Thursday, February 8th. Needham & Company LLC reiterated a “buy” rating and set a $38.00 target price on shares of Confluent in a research report on Wednesday. Barclays increased their price target on shares of Confluent from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, The Goldman Sachs Group lifted their price objective on Confluent from $24.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $32.88.

Confluent Stock Down 1.1 %

Shares of CFLT opened at $31.03 on Wednesday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. The company has a 50-day simple moving average of $30.20 and a 200-day simple moving average of $26.28. Confluent has a 52 week low of $14.69 and a 52 week high of $41.22. The firm has a market capitalization of $9.70 billion, a P/E ratio of -21.11 and a beta of 0.93.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.01). Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. The firm had revenue of $213.18 million during the quarter, compared to analyst estimates of $204.62 million. On average, equities research analysts expect that Confluent will post -0.92 earnings per share for the current year.

Insider Buying and Selling at Confluent

In other news, CAO Ying Christina Liu sold 4,109 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total transaction of $132,104.35. Following the completion of the sale, the chief accounting officer now owns 123,497 shares in the company, valued at $3,970,428.55. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Confluent news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $33.91, for a total value of $2,161,050.39. Following the transaction, the insider now directly owns 706,715 shares of the company’s stock, valued at $23,964,705.65. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Ying Christina Liu sold 4,109 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total transaction of $132,104.35. Following the sale, the chief accounting officer now owns 123,497 shares of the company’s stock, valued at approximately $3,970,428.55. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 732,173 shares of company stock worth $24,194,120. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CFLT. Hollencrest Capital Management acquired a new position in Confluent in the first quarter valued at about $26,000. UniSuper Management Pty Ltd acquired a new stake in shares of Confluent in the 3rd quarter valued at approximately $36,000. Rakuten Securities Inc. bought a new position in Confluent during the 4th quarter worth approximately $31,000. Quest Partners LLC acquired a new position in Confluent during the fourth quarter valued at approximately $31,000. Finally, GAMMA Investing LLC bought a new stake in Confluent in the fourth quarter valued at approximately $35,000. 78.09% of the stock is currently owned by 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.