TD Cowen Increases Confluent (NASDAQ:CFLT) Price Target to $37.00

Confluent (NASDAQ:CFLT) had its price target upped by equities researchers at TD Cowen from $34.00 to $37.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential upside of 19.24% from the company’s current price.

A number of other analysts also recently commented on CFLT. UBS Group boosted their target price on Confluent from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Monday, February 5th. Canaccord Genuity Group upgraded shares of Confluent from a “hold” rating to a “buy” rating and lifted their target price for the stock from $28.00 to $35.00 in a research report on Wednesday. Guggenheim raised their price objective on shares of Confluent from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Confluent from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Thursday, February 8th. Finally, Wells Fargo & Company boosted their price objective on shares of Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the company. According to MarketBeat.com, Confluent has an average rating of “Moderate Buy” and a consensus target price of $32.88.

Confluent Trading Down 1.1 %

Shares of CFLT stock opened at $31.03 on Wednesday. The business’s fifty day moving average price is $30.20 and its 200 day moving average price is $26.28. The firm has a market capitalization of $9.70 billion, a PE ratio of -21.11 and a beta of 0.93. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62. Confluent has a 1-year low of $14.69 and a 1-year high of $41.22.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. The company had revenue of $213.18 million during the quarter, compared to analysts’ expectations of $204.62 million. As a group, sell-side analysts forecast that Confluent will post -0.92 EPS for the current fiscal year.

Insider Activity

In other news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $33.50, for a total transaction of $2,134,921.50. Following the completion of the sale, the insider now directly owns 480,471 shares of the company’s stock, valued at approximately $16,095,778.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Confluent news, CMO Stephanie Buscemi sold 2,724 shares of Confluent stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total transaction of $87,576.60. Following the completion of the sale, the chief marketing officer now owns 109,002 shares of the company’s stock, valued at approximately $3,504,414.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $33.50, for a total value of $2,134,921.50. Following the completion of the transaction, the insider now owns 480,471 shares in the company, valued at approximately $16,095,778.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 732,173 shares of company stock worth $24,194,120. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Hollencrest Capital Management acquired a new position in Confluent in the first quarter worth approximately $26,000. UniSuper Management Pty Ltd acquired a new position in shares of Confluent during the 3rd quarter worth $36,000. Rakuten Securities Inc. bought a new position in shares of Confluent during the 4th quarter valued at $31,000. Quest Partners LLC acquired a new position in Confluent during the fourth quarter worth $31,000. Finally, GAMMA Investing LLC acquired a new stake in shares of Confluent in the fourth quarter worth about $35,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.