Scotiabank Forecasts Strong Price Appreciation for Confluent (NASDAQ:CFLT) Stock

Confluent (NASDAQ:CFLT) had its target price upped by equities researchers at Scotiabank from $27.00 to $35.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s target price would indicate a potential downside of 3.39% from the stock’s current price.

Other research analysts have also issued reports about the stock. Guggenheim lifted their price target on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. TD Cowen lifted their price target on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Canaccord Genuity Group lifted their price target on shares of Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. Mizuho lifted their price target on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, UBS Group boosted their target price 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 issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Confluent Price Performance

Shares of CFLT stock opened at $36.23 on Wednesday. The firm has a market cap of $11.88 billion, a P/E ratio of -32.64 and a beta of 0.92. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick 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 fifty day moving average of $29.64 and a two-hundred day moving average of $25.45.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. As a group, research analysts anticipate that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Lara Caimi sold 34,500 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $31.32, for a total value of $1,080,540.00. Following the sale, the director now directly owns 7,160 shares in the company, valued at $224,251.20. The trade was a 82.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Kong Phan sold 3,947 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $28.74, for a total transaction 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. The trade was a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,508,636 shares of company stock worth $47,198,798 in the last ninety days. 13.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Confluent

Large investors have recently made changes to their positions in the company. Blue Trust Inc. raised its holdings in shares of Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after acquiring an additional 1,607 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Confluent during the fourth quarter valued at approximately $59,000. Point72 Hong Kong Ltd acquired a new stake in shares of Confluent during the third quarter valued at approximately $68,000. GAMMA Investing LLC raised its holdings in shares of Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after acquiring an additional 1,136 shares during the period. Finally, AlphaQuest LLC raised its holdings in shares of Confluent by 22,112.5% during the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after acquiring an additional 3,538 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.