Confluent (NASDAQ:CFLT) Given New $34.00 Price Target at UBS Group

Confluent (NASDAQ:CFLT) had its target price increased by UBS Group from $26.00 to $34.00 in a report published on Wednesday,Benzinga reports. UBS Group currently has a neutral rating on the stock.

A number of other equities analysts have also recently commented on CFLT. TD Cowen lifted their target price on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Robert W. Baird raised their price objective on shares of Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Wells Fargo & Company upped their target price on shares of Confluent from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday. Canaccord Genuity Group raised their price target on Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Citigroup boosted their price target on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $35.00.

Confluent Stock Performance

Shares of CFLT stock opened at $37.65 on Wednesday. The stock’s 50-day moving average is $29.58 and its two-hundred day moving average is $25.37. 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 $37.90. The firm has a market cap of $12.35 billion, a price-to-earnings ratio of -33.92 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) 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%. Analysts predict that Confluent will post -0.9 earnings per share for the current year.

Insider Buying and Selling at Confluent

In other news, CFO Rohan Sivaram sold 22,714 shares of the 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 $641,216.22. Following the sale, the chief financial officer now directly owns 532,623 shares in the company, valued at $15,035,947.29. This represents a 4.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Kong Phan sold 3,947 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the sale, the chief accounting officer now owns 179,939 shares in the company, valued at $5,171,446.86. This represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,508,636 shares of company stock valued at $47,198,798. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP boosted its stake in shares of Confluent by 1,465.6% during the 3rd quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after purchasing an additional 28,360 shares during the last quarter. Pathway Capital Management LP purchased a new position in shares of Confluent during the third quarter valued at approximately $918,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Confluent by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock valued at $46,549,000 after buying an additional 64,926 shares during the period. Creative Planning boosted its position in Confluent by 109.9% during the third quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after acquiring an additional 49,699 shares during the last quarter. Finally, Oppenheimer & Co. Inc. grew its stake in Confluent by 152.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock worth $1,398,000 after acquiring an additional 41,431 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.