Brokerages Set Confluent, Inc. (NASDAQ:CFLT) PT at $32.88

Shares of Confluent, Inc. (NASDAQ:CFLT) have earned a consensus rating of “Moderate Buy” from the twenty-seven analysts that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and twenty have given a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $33.04.

CFLT has been the subject of a number of analyst reports. JMP Securities boosted their price objective on Confluent from $38.00 to $40.00 and gave the company a “market outperform” rating in a research report on Wednesday, May 8th. Truist Financial restated a “buy” rating and set a $36.00 price objective (up previously from $33.00) on shares of Confluent in a research report on Wednesday, May 8th. Loop Capital began coverage on Confluent in a research report on Tuesday, January 30th. They set a “hold” rating and a $23.00 price objective for the company. Mizuho cut their target price on Confluent from $38.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. Finally, Barclays lifted their target price on Confluent from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th.

Insider Buying and Selling

In related news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $31.00, for a total value of $290,625.00. Following the transaction, the director now directly owns 5,399 shares in the company, valued at approximately $167,369. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $31.00, for a total transaction of $290,625.00. Following the transaction, the director now owns 5,399 shares in the company, valued at $167,369. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Ying Christina Liu sold 68,000 shares of Confluent stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.06, for a total value of $2,112,080.00. Following the transaction, the chief accounting officer now owns 168,338 shares in the company, valued at approximately $5,228,578.28. The disclosure for this sale can be found here. Insiders have sold 675,936 shares of company stock worth $22,145,350 in the last three months. 13.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Dynamic Technology Lab Private Ltd grew its holdings in shares of Confluent by 1.9% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock valued at $448,000 after buying an additional 359 shares in the last quarter. Fifth Third Bancorp grew its stake in Confluent by 5.0% in the fourth quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock valued at $274,000 after purchasing an additional 556 shares in the last quarter. Rhumbline Advisers grew its stake in Confluent by 0.3% in the third quarter. Rhumbline Advisers now owns 243,828 shares of the company’s stock valued at $7,220,000 after purchasing an additional 629 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Confluent by 6.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the company’s stock valued at $264,000 after purchasing an additional 700 shares in the last quarter. Finally, Treasurer of the State of North Carolina grew its stake in Confluent by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock valued at $1,921,000 after purchasing an additional 800 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Price Performance

Shares of CFLT opened at $31.96 on Thursday. The firm has a market cap of $10.16 billion, a price-to-earnings ratio of -25.57 and a beta of 0.93. The stock has a 50 day moving average of $29.84 and a 200-day moving average of $26.67. 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 52 week low of $14.69 and a 52 week high of $41.22.

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.