Analysts Set Confluent, Inc. (NASDAQ:CFLT) Price Target at $32.88

Shares of Confluent, Inc. (NASDAQ:CFLT - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the twenty-six research firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and nineteen have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $32.88.

CFLT has been the topic of several recent research reports. Needham & Company LLC restated a "buy" rating and issued a $38.00 price objective on shares of Confluent in a research report on Wednesday, May 8th. The Goldman Sachs Group raised their price objective on Confluent from $27.00 to $30.00 and gave the company a "neutral" rating in a report on Thursday, May 9th. Royal Bank of Canada lifted their price target on shares of Confluent from $37.00 to $40.00 and gave the company an "outperform" rating in a research note on Wednesday, May 8th. JMP Securities lifted their target price on shares of Confluent from $38.00 to $40.00 and gave the company a "market outperform" rating in a research report on Wednesday, May 8th. Finally, Stifel Nicolaus began coverage on shares of Confluent in a research note on Wednesday, February 21st. They issued a "buy" rating and a $40.00 price target on the stock.

Confluent Stock Performance

Shares of NASDAQ CFLT traded down $0.34 during midday trading on Thursday, reaching $31.53. The company had a trading volume of 2,033,269 shares, compared to its average volume of 4,799,742. The stock has a market cap of $9.86 billion, a P/E ratio of -25.43 and a beta of 0.93. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29. Confluent has a 1 year low of $14.69 and a 1 year high of $41.22. The business's 50-day simple moving average is $29.88 and its 200 day simple moving average is $26.38.

Insider Activity at Confluent

In other Confluent news, CMO Stephanie Buscemi sold 2,724 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $87,576.60. Following the sale, the chief marketing officer now directly owns 109,002 shares of the company's stock, valued at $3,504,414.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the business's stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Stephanie Buscemi sold 2,724 shares of Confluent stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total transaction of $87,576.60. Following the sale, the chief marketing officer now owns 109,002 shares in the company, valued at $3,504,414.30. The disclosure for this sale can be found here. Insiders sold a total of 873,277 shares of company stock valued at $28,572,424 in the last quarter. Insiders own 13.82% of the company's stock.

Hedge Funds Weigh In On Confluent

Several large investors have recently bought and sold shares of CFLT. Commonwealth Equity Services LLC raised its stake in shares of Confluent by 89.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 18,469 shares of the company's stock worth $547,000 after buying an additional 8,712 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Confluent by 1.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,071,263 shares of the company's stock worth $31,720,000 after purchasing an additional 15,944 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Confluent in the third quarter worth approximately $894,000. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Confluent in the third quarter valued at $10,118,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in shares of Confluent during the 3rd quarter valued at $486,000. Institutional investors and hedge funds own 78.09% of the company's stock.

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.