Confluent (NASDAQ:CFLT) Given New $35.00 Price Target at Truist Financial

Confluent (NASDAQ:CFLT) had its price target hoisted by Truist Financial from $32.00 to $35.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts have also recently weighed in on the company. DA Davidson restated a “buy” rating and set a $30.00 target price on shares of Confluent in a research note on Wednesday, September 18th. Baird R W raised Confluent to a “hold” rating in a research note on Wednesday, September 4th. Evercore ISI decreased their target price on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. 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 report on Wednesday. Finally, JMP Securities restated a “market outperform” rating and issued a $40.00 price target on shares of Confluent in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $32.04.

Confluent Stock Down 0.2 %

CFLT stock opened at $31.25 on Thursday. Confluent has a 52 week low of $17.79 and a 52 week high of $35.07. The business has a 50-day simple moving average of $26.66 and a 200 day simple moving average of $24.72. 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 company has a market cap of $10.25 billion, a PE ratio of -28.22 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The company had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Sell-side analysts anticipate that Confluent will post -0.9 EPS for the current fiscal year.

Insider Transactions at Confluent

In other news, Director Michelangelo Volpi sold 50,000 shares of Confluent stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $25.92, for a total value of $1,296,000.00. Following the completion of the transaction, the director now directly owns 280,200 shares of the company’s stock, valued at approximately $7,262,784. This trade represents a 15.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Stephanie Buscemi sold 164,123 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $26.24, for a total value of $4,306,587.52. Following the sale, the chief marketing officer now owns 149,644 shares in the company, valued at approximately $3,926,658.56. The trade was a 52.31 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,533,995 shares of company stock worth $131,348,784. Company insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several hedge funds have recently modified their holdings of the stock. Diversified Trust Co increased its stake in Confluent by 110.3% in the third quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock valued at $1,233,000 after purchasing an additional 31,729 shares in the last quarter. Sycomore Asset Management grew its stake in shares of Confluent by 308.3% in the 2nd quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock valued at $9,176,000 after buying an additional 251,507 shares during the period. Quantbot Technologies LP increased its position in Confluent by 1,465.6% in the 3rd quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock valued at $617,000 after buying an additional 28,360 shares in the last quarter. Pathway Capital Management LP acquired a new position in Confluent during the 3rd quarter worth approximately $918,000. Finally, Sei Investments Co. boosted its holdings in Confluent by 29.1% in the second quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock worth $9,022,000 after acquiring an additional 68,880 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

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.