Confluent (NASDAQ:CFLT) Price Target Raised to $40.00 at Royal Bank of Canada

Confluent (NASDAQ:CFLT) had its price objective boosted by investment analysts at Royal Bank of Canada from $37.00 to $40.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 28.91% from the company’s previous close.

CFLT has been the subject of a number of other reports. Canaccord Genuity Group raised shares of Confluent from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Wednesday. Scotiabank boosted their price target on Confluent from $22.00 to $28.00 and gave the stock a “sector perform” rating in a report on Thursday, February 8th. Mizuho decreased their price objective on Confluent from $38.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. JPMorgan Chase & Co. lifted their price objective on Confluent from $23.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, February 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $38.00 target price on shares of Confluent in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $32.88.

Confluent Trading Down 1.1 %

Shares of CFLT stock opened at $31.03 on Wednesday. The stock has a market cap of $9.70 billion, a P/E ratio of -21.11 and a beta of 0.93. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.34. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $41.22. The business has a fifty day simple moving average of $30.20 and a 200-day simple moving average of $26.28.

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

Insiders Place Their Bets

In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $32.46, for a total value of $7,546,950.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $32.46, for a total transaction of $7,546,950.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Ying Christina Liu sold 4,109 shares of the company’s stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 123,497 shares of the company’s stock, valued at approximately $3,970,428.55. The disclosure for this sale can be found here. Insiders sold a total of 732,173 shares of company stock worth $24,194,120 over the last ninety days. 13.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On Confluent

A number of large investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management acquired a new position in Confluent in the 1st quarter worth $26,000. Rakuten Securities Inc. purchased a new stake in shares of Confluent during the fourth quarter worth about $31,000. Quest Partners LLC acquired a new position in shares of Confluent in the fourth quarter worth about $31,000. GAMMA Investing LLC purchased a new position in Confluent in the fourth quarter valued at about $35,000. Finally, UniSuper Management Pty Ltd acquired a new stake in Confluent during the 3rd quarter valued at approximately $36,000. 78.09% of the stock is owned by institutional investors and hedge funds.

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.