Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, UBS Group Analyst Says

Confluent (NASDAQ:CFLT) had its price objective raised by analysts at UBS Group from $30.00 to $32.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price objective suggests a potential upside of 32.45% from the company’s current price.

A number of other research firms have also weighed in on CFLT. TD Securities reduced their price objective on Confluent from $34.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Citigroup reissued a “neutral” rating on shares of Confluent in a report on Wednesday, May 21st. Evercore ISI dropped their price target on Confluent from $29.00 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, May 1st. Robert W. Baird lowered their target price on Confluent from $37.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Finally, JMP Securities lowered their target price on Confluent from $40.00 to $36.00 and set a “market outperform” rating on the stock in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.19.

Confluent Trading Down 1.4%

Shares of CFLT stock opened at $24.16 on Friday. The stock has a market capitalization of $8.22 billion, a PE ratio of -24.65 and a beta of 0.99. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90. The business has a 50-day moving average of $23.40 and a 200 day moving average of $25.74. The company has a debt-to-equity ratio of 1.07, a current ratio of 4.42 and a quick ratio of 4.42.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.01. Confluent had a negative return on equity of 29.92% and a negative net margin of 31.42%. The business had revenue of $271.12 million during the quarter, compared to analysts’ expectations of $264.45 million. During the same quarter last year, the business posted $0.05 EPS. The business’s revenue was up 24.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Confluent will post -0.83 earnings per share for the current year.

Insider Transactions at Confluent

In related news, Director Eric Vishria sold 15,476 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $25.00, for a total value of $386,900.00. Following the completion of the transaction, the director owned 1,154,400 shares of the company’s stock, valued at $28,860,000. The trade was a 1.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO Ban Ryan Norris Mac sold 1,225 shares of the business’s stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $23.49, for a total transaction of $28,775.25. Following the completion of the transaction, the executive directly owned 411,830 shares of the company’s stock, valued at $9,673,886.70. This trade represents a 0.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 546,669 shares of company stock valued at $12,637,193 in the last ninety days. Corporate insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of large investors have recently made changes to their positions in CFLT. Cloud Capital Management LLC acquired a new position in shares of Confluent in the 1st quarter valued at $26,000. Credit Industriel ET Commercial purchased a new stake in shares of Confluent during the 4th quarter worth about $28,000. Farther Finance Advisors LLC lifted its stake in Confluent by 252.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,448 shares of the company’s stock valued at $36,000 after buying an additional 1,037 shares in the last quarter. Versant Capital Management Inc lifted its stake in Confluent by 2,458.2% in the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company’s stock valued at $40,000 after buying an additional 1,647 shares in the last quarter. Finally, Banque Transatlantique SA purchased a new position in Confluent in the 1st quarter valued at about $43,000. 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.