Confluent (NASDAQ:CFLT) PT Raised to $32.00 at Deutsche Bank Aktiengesellschaft

Confluent (NASDAQ:CFLTGet Rating) had its price objective hoisted by analysts at Deutsche Bank Aktiengesellschaft from $28.00 to $32.00 in a research note issued on Thursday, The Fly reports. Deutsche Bank Aktiengesellschaft’s price objective indicates a potential downside of 5.13% from the stock’s current price.

CFLT has been the subject of a number of other reports. Citigroup raised their price objective on Confluent from $26.00 to $32.00 in a research report on Thursday. The Goldman Sachs Group reduced their price target on shares of Confluent from $75.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, April 14th. UBS Group lowered their price objective on shares of Confluent to $33.00 in a research report on Tuesday, July 26th. Scotiabank started coverage on shares of Confluent in a report on Wednesday, June 8th. They issued an “outperform” rating and a $27.00 target price for the company. Finally, Barclays decreased their price target on Confluent from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Monday, July 18th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

Confluent Stock Performance

Confluent stock opened at $33.73 on Thursday. The company has a debt-to-equity ratio of 1.36, a current ratio of 5.83 and a quick ratio of 6.64. The firm has a 50 day simple moving average of $23.86 and a 200-day simple moving average of $35.04. Confluent has a 1-year low of $16.48 and a 1-year high of $94.97.

Confluent (NASDAQ:CFLTGet Rating) last posted its earnings results on Thursday, May 5th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.01. Confluent had a negative return on equity of 50.24% and a negative net margin of 90.30%. The company had revenue of $126.10 million during the quarter, compared to analysts’ expectations of $118.49 million. During the same quarter last year, the firm earned ($0.29) earnings per share. The firm’s quarterly revenue was up 63.8% compared to the same quarter last year. Sell-side analysts anticipate that Confluent will post -1.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Brad Gerstner acquired 98,500 shares of the firm’s stock in a transaction dated Monday, May 16th. The stock was acquired at an average price of $20.28 per share, for a total transaction of $1,997,580.00. Following the purchase, the insider now owns 14,423,457 shares of the company’s stock, valued at approximately $292,507,707.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, major shareholder Brad Gerstner acquired 98,500 shares of the company’s stock in a transaction on Monday, May 16th. The shares were bought at an average cost of $20.28 per share, with a total value of $1,997,580.00. Following the transaction, the insider now owns 14,423,457 shares in the company, valued at approximately $292,507,707.96. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michelangelo Volpi sold 21,058 shares of Confluent stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $18.28, for a total transaction of $384,940.24. The disclosure for this sale can be found here. Insiders have sold a total of 26,547 shares of company stock worth $485,245 in the last quarter. 27.94% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Lone Pine Capital LLC lifted its stake in Confluent by 215.4% during the fourth quarter. Lone Pine Capital LLC now owns 4,398,572 shares of the company’s stock worth $335,347,000 after purchasing an additional 3,003,928 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Confluent by 96.6% during the 1st quarter. Vanguard Group Inc. now owns 5,063,242 shares of the company’s stock worth $207,593,000 after buying an additional 2,488,471 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Confluent by 43.0% in the 1st quarter. JPMorgan Chase & Co. now owns 7,971,525 shares of the company’s stock valued at $326,833,000 after buying an additional 2,398,212 shares in the last quarter. Altimeter Capital Management LP boosted its holdings in shares of Confluent by 79.9% in the 1st quarter. Altimeter Capital Management LP now owns 5,306,700 shares of the company’s stock valued at $217,575,000 after buying an additional 2,356,700 shares in the last quarter. Finally, First Trust Advisors LP grew its position in shares of Confluent by 1,727.6% in the 4th quarter. First Trust Advisors LP now owns 1,708,193 shares of the company’s stock valued at $130,233,000 after buying an additional 1,614,726 shares during the last quarter. 37.20% of the stock is owned by institutional investors and hedge funds.

About Confluent

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Confluent, Inc operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data in real-time with the foundational platform for data in motion.

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