Barclays Increases Confluent (NASDAQ:CFLT) Price Target to $34.00

Confluent (NASDAQ:CFLT) had its target price increased by research analysts at Barclays from $33.00 to $34.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target points to a potential upside of 9.57% from the stock’s current price.

A number of other equities analysts have also issued reports on the company. JMP Securities increased their price objective on Confluent from $25.00 to $38.00 and gave the stock a “market outperform” rating in a report on Thursday, February 8th. Loop Capital initiated coverage on Confluent in a research note on Tuesday, January 30th. They set a “hold” rating and a $23.00 price target for the company. The Goldman Sachs Group increased their price target on Confluent from $24.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, February 8th. UBS Group increased their price target on Confluent from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Monday, February 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $38.00 price target on shares of Confluent in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.88.

Confluent Stock Performance

Shares of CFLT stock opened at $31.03 on Wednesday. Confluent has a 12-month low of $14.69 and a 12-month high of $41.22. The firm has a market capitalization of $9.70 billion, a price-to-earnings ratio of -21.11 and a beta of 0.93. The business has a 50 day simple moving average of $30.20 and a 200 day simple moving average of $26.28. 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 (NASDAQ:CFLT) last issued its quarterly earnings data 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 return on equity of 44.16% and a negative net margin of 56.99%. The business had revenue of $213.18 million during the quarter, compared to the consensus estimate of $204.62 million. On average, equities research analysts anticipate that Confluent will post -0.92 EPS for the current year.

Insider Activity

In other news, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the sale, the chief technology officer now owns 532,072 shares in the company, valued at $16,600,646.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Ying Christina Liu sold 4,109 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $132,104.35. Following the completion of the sale, the chief accounting officer now owns 123,497 shares in the company, valued at $3,970,428.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the sale, the chief technology officer now owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. Insiders sold 732,173 shares of company stock worth $24,194,120 over the last quarter. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Hedge funds and other institutional investors have recently modified their holdings of the company. Hollencrest Capital Management purchased a new stake in shares of Confluent during the first quarter worth $26,000. UniSuper Management Pty Ltd purchased a new stake in shares of Confluent during the third quarter worth $36,000. Rakuten Securities Inc. purchased a new stake in shares of Confluent during the fourth quarter worth $31,000. Quest Partners LLC purchased a new stake in shares of Confluent during the fourth quarter worth $31,000. Finally, GAMMA Investing LLC purchased a new stake in shares of Confluent during the fourth quarter worth $35,000. 78.09% of the stock is currently 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.