Confluent (NASDAQ:CFLT) Price Target Raised to $34.00 at Barclays

Confluent (NASDAQ:CFLT) had its price objective boosted by investment analysts at Barclays from $33.00 to $34.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 12.32% from the stock’s previous close.

A number of other research firms have also recently issued reports on CFLT. TD Cowen boosted their target price on Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday. UBS Group raised their price objective on shares of Confluent from $21.00 to $26.00 and gave the stock a “neutral” rating in a report on Monday, February 5th. Scotiabank upped their target price on shares of Confluent from $22.00 to $28.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 8th. Royal Bank of Canada lifted their price target on Confluent from $35.00 to $37.00 and gave the company an “outperform” rating in a research note on Wednesday, February 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $38.00 price objective on shares of Confluent in a research report on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $32.65.

Confluent Trading Up 8.8 %

Shares of CFLT stock traded up $2.44 during trading hours on Wednesday, reaching $30.27. The company had a trading volume of 7,739,613 shares, compared to its average volume of 4,804,305. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62. Confluent has a 1-year low of $14.69 and a 1-year high of $41.22. The company has a 50 day moving average of $30.23 and a 200 day moving average of $26.24. The firm has a market cap of $9.46 billion, a price-to-earnings ratio of -20.61 and a beta of 0.93.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. The company had revenue of $213.18 million for the quarter, compared to the consensus estimate of $204.62 million. On average, equities research analysts anticipate that Confluent will post -0.92 EPS for the current year.

Insider Buying and Selling at Confluent

In other news, CTO Chad Verbowski sold 5,963 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $191,710.45. Following the transaction, the chief technology officer now directly owns 404,412 shares of the company’s stock, valued at $13,001,845.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO Chad Verbowski sold 5,963 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total transaction of $191,710.45. Following the completion of the sale, the chief technology officer now owns 404,412 shares in the company, valued at $13,001,845.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $31.75, for a total value of $2,023,395.75. Following the completion of the transaction, the insider now directly owns 479,537 shares in the company, valued at approximately $15,225,299.75. The disclosure for this sale can be found here. Insiders sold 1,433,170 shares of company stock valued at $46,438,029 in the last quarter. 13.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Confluent

Hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. grew its stake in shares of Confluent by 14.0% in the third quarter. Invesco Ltd. now owns 3,824,055 shares of the company’s stock valued at $113,230,000 after acquiring an additional 470,002 shares in the last quarter. KADENSA CAPITAL Ltd bought a new position in shares of Confluent during the third quarter worth approximately $11,512,000. Tower Research Capital LLC TRC raised its position in shares of Confluent by 18,649.2% in the third quarter. Tower Research Capital LLC TRC now owns 12,187 shares of the company’s stock valued at $361,000 after buying an additional 12,122 shares in the last quarter. Northern Trust Corp raised its position in shares of Confluent by 45.7% in the third quarter. Northern Trust Corp now owns 1,044,896 shares of the company’s stock valued at $30,939,000 after buying an additional 327,940 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Confluent by 13.0% in the third quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock valued at $545,546,000 after buying an additional 2,125,843 shares during the period. 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.