Brokerages Set Confluent, Inc. (NASDAQ:CFLT) Target Price at $33.39

Confluent, Inc. (NASDAQ:CFLT - Get Free Report) has received a consensus rating of "Moderate Buy" from the thirty-one brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, twenty-two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $30.28.

A number of equities analysts have recently commented on the stock. Canaccord Genuity Group cut their price target on shares of Confluent from $38.00 to $32.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Loop Capital cut their target price on Confluent from $30.00 to $22.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. Wells Fargo & Company decreased their price target on Confluent from $32.00 to $30.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. UBS Group cut their price objective on Confluent from $38.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Finally, Raymond James began coverage on shares of Confluent in a research report on Friday, April 11th. They set an "outperform" rating and a $30.00 target price for the company.

Insider Transactions at Confluent

In other Confluent news, Director Michelangelo Volpi sold 25,000 shares of Confluent stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $36.22, for a total transaction of $905,500.00. Following the transaction, the director now owns 292,079 shares of the company's stock, valued at $10,579,101.38. This trade represents a 7.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Kong Phan sold 2,178 shares of the company's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $31.58, for a total value of $68,781.24. Following the completion of the transaction, the chief accounting officer now directly owns 177,415 shares of the company's stock, valued at approximately $5,602,765.70. This represents a 1.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,260,746 shares of company stock valued at $39,702,750 over the last ninety days. 13.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CFLT. Westside Investment Management Inc. grew its position in Confluent by 11,796.1% during the third quarter. Westside Investment Management Inc. now owns 12,253 shares of the company's stock valued at $250,000 after buying an additional 12,150 shares during the period. Tidal Investments LLC grew its position in shares of Confluent by 521.0% during the 3rd quarter. Tidal Investments LLC now owns 50,545 shares of the company's stock valued at $1,030,000 after acquiring an additional 42,406 shares during the period. Oddo BHF Asset Management Sas purchased a new stake in shares of Confluent during the 3rd quarter worth approximately $7,646,000. GAMMA Investing LLC raised its holdings in shares of Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after purchasing an additional 1,136 shares during the period. Finally, Diversified Trust Co lifted its stake in Confluent by 21.5% in the fourth quarter. Diversified Trust Co now owns 73,529 shares of the company's stock valued at $2,056,000 after purchasing an additional 13,026 shares during the last quarter. Institutional investors own 78.09% of the company's stock.

Confluent Price Performance

Shares of NASDAQ CFLT traded down $0.01 during mid-day trading on Thursday, hitting $19.74. 5,828,958 shares of the stock traded hands, compared to its average volume of 4,729,301. The company has a market cap of $6.59 billion, a PE ratio of -18.27 and a beta of 1.02. Confluent has a twelve month low of $17.79 and a twelve month high of $37.90. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. The firm has a 50 day simple moving average of $23.99 and a two-hundred day simple moving average of $27.38.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.01. The firm had revenue of $271.12 million for the quarter, compared to analyst estimates of $264.45 million. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The business's revenue for the quarter was up 24.8% on a year-over-year basis. During the same period last year, the firm posted $0.05 earnings per share. As a group, equities research analysts forecast that Confluent will post -0.83 EPS for the current fiscal year.

About Confluent

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.