Royal Bank of Canada Forecasts Strong Price Appreciation for Confluent (NASDAQ:CFLT) Stock

Confluent (NASDAQ:CFLT) had its price objective hoisted by stock analysts at Royal Bank of Canada from $36.00 to $41.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 12.69% from the company’s current price.

Several other research analysts have also recently issued reports on CFLT. Morgan Stanley restated an “equal weight” rating and issued a $30.00 target price (down previously from $33.00) on shares of Confluent in a report on Thursday, January 16th. Piper Sandler boosted their price objective on shares of Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday. Canaccord Genuity Group upped their price objective on shares of Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. TD Cowen upped their price target on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, UBS Group raised their price objective on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.44.

Confluent Trading Up 20.9 %

NASDAQ:CFLT traded up $6.28 during trading hours on Wednesday, reaching $36.38. The company’s stock had a trading volume of 9,321,713 shares, compared to its average volume of 4,480,649. The firm has a 50-day simple moving average of $29.49 and a 200-day simple moving average of $25.28. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent has a 1 year low of $17.79 and a 1 year high of $36.48. The firm has a market capitalization of $11.93 billion, a price-to-earnings ratio of -32.80 and a beta of 0.92.

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

Insider Buying and Selling

In other Confluent news, CAO Kong Phan sold 2,096 shares of the company’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 transaction of $59,170.08. Following the transaction, the chief accounting officer now owns 190,680 shares in the company, valued at approximately $5,382,896.40. This represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew Craig Miller sold 541,850 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $30.32, for a total transaction of $16,428,892.00. The disclosure for this sale can be found here. Insiders sold 1,508,636 shares of company stock worth $47,198,798 in the last three months. 13.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Confluent

Several institutional investors have recently bought and sold shares of CFLT. Blue Trust Inc. lifted its holdings in Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after purchasing an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Confluent in the 4th quarter valued at about $59,000. GAMMA Investing LLC lifted its stake in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after purchasing an additional 1,136 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Confluent during the 3rd quarter worth approximately $68,000. Finally, AlphaQuest LLC grew its position in shares of Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after purchasing an additional 3,538 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.