Barclays Raises Confluent (NASDAQ:CFLT) Price Target to $35.00

Confluent (NASDAQ:CFLT - Free Report) had its price objective lifted by Barclays from $32.00 to $35.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Sanford C. Bernstein cut their target price on shares of Confluent from $38.00 to $33.00 and set an "outperform" rating on the stock in a report on Friday, October 25th. Needham & Company LLC restated a "buy" rating and set a $31.00 price objective on shares of Confluent in a research report on Friday, November 15th. JPMorgan Chase & Co. increased their target price on Confluent from $25.00 to $26.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. Wolfe Research raised shares of Confluent to a "strong-buy" rating in a report on Wednesday, September 18th. Finally, UBS Group increased their price objective on shares of Confluent from $23.00 to $26.00 and gave the stock a "neutral" rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $31.23.

Confluent Stock Up 1.1 %

NASDAQ CFLT traded up $0.37 during mid-day trading on Friday, reaching $33.66. 2,847,660 shares of the company's stock traded hands, compared to its average volume of 4,233,707. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent has a 1-year low of $17.79 and a 1-year high of $35.07. The company has a fifty day simple moving average of $25.68 and a 200-day simple moving average of $24.71. The company has a market cap of $11.04 billion, a price-to-earnings ratio of -30.32 and a beta of 0.88.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The firm had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. As a group, equities research analysts expect that Confluent will post -0.9 EPS for the current year.

Insider Buying and Selling

In other Confluent news, insider Erica Schultz sold 63,729 shares of the company's stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $31.21, for a total transaction of $1,988,982.09. Following the completion of the sale, the insider now directly owns 678,016 shares of the company's stock, valued at approximately $21,160,879.36. This represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Stephanie Buscemi sold 26,047 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $32.89, for a total transaction of $856,685.83. Following the completion of the transaction, the chief marketing officer now directly owns 144,373 shares of the company's stock, valued at $4,748,427.97. This represents a 15.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,069,108 shares of company stock worth $116,165,158 in the last ninety days. 13.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Confluent

A number of hedge funds have recently modified their holdings of the stock. Champlain Investment Partners LLC increased its position in Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company's stock worth $218,083,000 after purchasing an additional 4,486,841 shares during the last quarter. 1832 Asset Management L.P. raised its position in Confluent by 28.4% during the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company's stock valued at $224,933,000 after acquiring an additional 1,684,100 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in Confluent in the second quarter valued at approximately $193,403,000. Geode Capital Management LLC lifted its stake in Confluent by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company's stock valued at $88,180,000 after acquiring an additional 107,510 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Confluent by 60.0% in the second quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company's stock worth $103,665,000 after acquiring an additional 1,316,804 shares in the last quarter. 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.