Confluent (NASDAQ:CFLT) PT Raised to $42.00 at Morgan Stanley

Confluent (NASDAQ:CFLTGet Rating) had its price objective raised by stock analysts at Morgan Stanley from $39.00 to $42.00 in a research note issued on Thursday, MarketBeat reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 24.52% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on CFLT. Barclays reduced their price target on shares of Confluent from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Monday, July 18th. UBS Group decreased their target price on shares of Confluent to $33.00 in a research note on Tuesday, July 26th. Wells Fargo & Company lowered their price target on shares of Confluent from $45.00 to $35.00 and set an “overweight” rating for the company in a report on Wednesday, May 18th. Credit Suisse Group cut their price objective on Confluent from $100.00 to $80.00 in a report on Friday, May 6th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Confluent from $28.00 to $32.00 in a report on Thursday. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.31.

Confluent Trading Up 4.3 %

Shares of CFLT stock opened at $33.73 on Thursday. The company has a quick ratio of 6.64, a current ratio of 5.83 and a debt-to-equity ratio of 1.36. Confluent has a fifty-two week low of $16.48 and a fifty-two week high of $94.97. The stock’s fifty day moving average price is $23.86 and its two-hundred day moving average price is $35.04.

Confluent (NASDAQ:CFLTGet Rating) last released its quarterly earnings data on Thursday, May 5th. The company reported ($0.41) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.01. The business had revenue of $126.10 million for the quarter, compared to analyst estimates of $118.49 million. Confluent had a negative return on equity of 50.24% and a negative net margin of 90.30%. Confluent’s revenue was up 63.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.29) earnings per share. On average, equities analysts forecast that Confluent will post -1.64 earnings per share for the current year.

Insider Buying and Selling at Confluent

In other news, major shareholder Brad Gerstner purchased 32,853 shares of the company’s stock in a transaction dated Wednesday, June 15th. The shares were purchased at an average price of $18.83 per share, for a total transaction of $618,621.99. Following the transaction, the insider now owns 14,456,310 shares of the company’s stock, valued at $272,212,317.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, major shareholder Ventures Vii (Jersey) L. Index sold 4,797 shares of Confluent stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $18.28, for a total value of $87,689.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Brad Gerstner acquired 32,853 shares of the company’s stock in a transaction dated Wednesday, June 15th. The stock was acquired at an average cost of $18.83 per share, for a total transaction of $618,621.99. Following the completion of the purchase, the insider now directly owns 14,456,310 shares in the company, valued at $272,212,317.30. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 26,547 shares of company stock valued at $485,245. 27.94% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Confluent

A number of hedge funds have recently added to or reduced their stakes in CFLT. Fifth Third Bancorp bought a new position in shares of Confluent during the 4th quarter worth approximately $29,000. SP Asset Management acquired a new position in shares of Confluent during the 4th quarter valued at $219,000. Concentrum Wealth Management bought a new position in Confluent during the fourth quarter worth $3,236,000. Advisor Group Holdings Inc. grew its holdings in Confluent by 82.1% in the fourth quarter. Advisor Group Holdings Inc. now owns 3,694 shares of the company’s stock worth $270,000 after purchasing an additional 1,666 shares during the period. Finally, Envestnet Asset Management Inc. bought a new stake in Confluent in the fourth quarter valued at $739,000. 37.20% of the stock is currently owned by institutional investors.

Confluent Company Profile

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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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Analyst Recommendations for Confluent (NASDAQ:CFLT)

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