Confluent (NASDAQ:CFLT) Price Target Raised to $27.00 at Scotiabank

Confluent (NASDAQ:CFLT) had its target price hoisted by equities research analysts at Scotiabank from $25.00 to $27.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s price target indicates a potential upside of 2.97% from the stock’s current price.

A number of other research firms also recently issued reports on CFLT. DA Davidson reaffirmed a “buy” rating and set a $30.00 price objective on shares of Confluent in a report on Wednesday, September 18th. TD Cowen upped their price objective on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Evercore ISI cut their target price on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. Finally, Robert W. Baird increased their price target on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.28.

Confluent Trading Up 0.2 %

NASDAQ CFLT opened at $26.22 on Thursday. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. Confluent has a 52 week low of $14.69 and a 52 week high of $35.07. The business has a 50 day moving average price of $21.04 and a 200-day moving average price of $24.67. The company has a market cap of $8.46 billion, a price-to-earnings ratio of -23.62 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data 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 firm had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.97%. As a group, equities analysts expect that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,045,235.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Confluent news, insider Erica Schultz sold 9,556 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $207,174.08. Following the transaction, the insider now directly owns 687,483 shares in the company, valued at $14,904,631.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $9,045,235.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 524,453 shares of company stock valued at $10,833,388. Company insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CFLT. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Confluent by 4.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 26,352 shares of the company’s stock worth $804,000 after buying an additional 1,062 shares during the last quarter. Diversified Trust Co bought a new position in Confluent in the first quarter valued at $639,000. Sumitomo Mitsui Trust Holdings Inc. raised its position in Confluent by 1.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 366,116 shares of the company’s stock valued at $11,174,000 after purchasing an additional 5,362 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in Confluent by 129.3% during the first quarter. Commonwealth Equity Services LLC now owns 32,617 shares of the company’s stock worth $995,000 after purchasing an additional 18,391 shares during the last quarter. Finally, Smith Group Asset Management LLC purchased a new position in shares of Confluent in the 1st quarter worth about $204,000. 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.