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

Confluent (NASDAQ:CFLT - Get Free Report) had its target price increased by stock analysts at UBS Group from $30.00 to $32.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. UBS Group's target price would suggest a potential upside of 32.01% from the stock's current price.

CFLT has been the subject of a number of other reports. Stifel Nicolaus reduced their target price on shares of Confluent from $40.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Oppenheimer dropped their target price on shares of Confluent from $35.00 to $32.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Needham & Company LLC lowered their price target on shares of Confluent from $40.00 to $26.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Guggenheim lowered their price target on shares of Confluent from $38.00 to $31.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Finally, JMP Securities lowered their target price on shares of Confluent from $40.00 to $36.00 and set a "market outperform" rating on the stock in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.19.

Confluent Stock Down 1.1%

NASDAQ CFLT traded down $0.26 during trading on Friday, hitting $24.24. 3,596,094 shares of the company traded hands, compared to its average volume of 5,013,275. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. The business has a fifty day simple moving average of $23.31 and a 200 day simple moving average of $25.81. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $8.25 billion, a P/E ratio of -24.65 and a beta of 0.99.

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

Insider Buying and Selling at Confluent

In other news, CRO Ban Ryan Norris Mac sold 1,225 shares of the business's stock in a transaction 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 sale, the executive directly owned 411,830 shares of the company's stock, valued at $9,673,886.70. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Eric Vishria sold 15,476 shares of the business's stock in a transaction dated 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 in the company, valued at $28,860,000. This trade represents a 1.32% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 546,669 shares of company stock valued at $12,637,193. 9.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Confluent

Hedge funds and other institutional investors have recently bought and sold shares of the business. Farther Finance Advisors LLC boosted its position in shares of Confluent by 252.3% during the second quarter. Farther Finance Advisors LLC now owns 1,448 shares of the company's stock worth $36,000 after buying an additional 1,037 shares during the period. Diversified Trust Co lifted its holdings in Confluent by 25.3% during the 2nd quarter. Diversified Trust Co now owns 99,235 shares of the company's stock worth $2,474,000 after buying an additional 20,062 shares during the period. Moody National Bank Trust Division bought a new position in shares of Confluent in the 2nd quarter worth about $228,000. Swedbank AB increased its position in Confluent by 24.2% in the 2nd quarter. Swedbank AB now owns 582,500 shares of the company's stock valued at $14,522,000 after buying an additional 113,500 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd bought a new stake in Confluent during the 2nd quarter worth approximately $311,000. 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.

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