Confluent (NASDAQ:CFLT) PT Raised to $38.00 at Wells Fargo & Company

Confluent (NASDAQ:CFLT) had its price target increased by research analysts at Wells Fargo & Company from $36.00 to $38.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 27.26% from the company’s previous close.

Several other equities analysts also recently weighed in on the company. The Goldman Sachs Group raised their target price on Confluent from $24.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, February 8th. JPMorgan Chase & Co. increased their target price on shares of Confluent from $23.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, February 8th. UBS Group upped their price objective on shares of Confluent from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Monday, February 5th. Barclays upped their price target on Confluent from $26.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, February 8th. Finally, Truist Financial reiterated a “buy” rating and set a $36.00 price target (up previously from $33.00) on shares of Confluent in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $31.80.

Confluent Stock Performance

Shares of CFLT traded up $2.03 during mid-day trading on Wednesday, reaching $29.86. The company had a trading volume of 5,472,254 shares, compared to its average volume of 4,777,887. The stock has a 50 day moving average of $30.23 and a two-hundred day moving average of $26.24. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $9.33 billion, a P/E ratio of -20.28 and a beta of 0.93. Confluent has a 52-week low of $14.69 and a 52-week high of $41.22.

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

Insider Activity

In other news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the sale, the insider now owns 479,537 shares of the company’s stock, valued at $15,225,299.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Erica Schultz sold 63,729 shares of the firm’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 sale, the insider now owns 479,537 shares of the company’s stock, valued at $15,225,299.75. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Michelangelo Volpi sold 637,268 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $31.73, for a total transaction of $20,220,513.64. Following the completion of the sale, the director now owns 302,306 shares in the company, valued at $9,592,169.38. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,433,170 shares of company stock valued at $46,438,029. 13.82% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Confluent by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 19,071,645 shares of the company’s stock worth $446,276,000 after buying an additional 647,251 shares during the last quarter. Coatue Management LLC purchased a new position in shares of Confluent in the 4th quarter valued at approximately $134,132,000. First Trust Advisors LP increased its holdings in shares of Confluent by 15.3% in the fourth quarter. First Trust Advisors LP now owns 5,551,696 shares of the company’s stock valued at $129,910,000 after purchasing an additional 738,147 shares during the period. Invesco Ltd. raised its stake in shares of Confluent by 14.0% during the third quarter. Invesco Ltd. now owns 3,824,055 shares of the company’s stock worth $113,230,000 after purchasing an additional 470,002 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Confluent by 5.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,931,677 shares of the company’s stock worth $45,201,000 after purchasing an additional 104,801 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.