Confluent, Inc. (NASDAQ:CFLT) Receives $28.78 Average Price Target from Brokerages

Shares of Confluent, Inc. (NASDAQ:CFLT) have been given a consensus rating of “Hold” by the thirty-five brokerages that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, twenty-eight have given a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $28.7813.

Several equities research analysts recently weighed in on CFLT shares. Piper Sandler lowered Confluent from an “overweight” rating to a “hold” rating and set a $31.00 price objective for the company. in a report on Monday, December 8th. Oppenheimer downgraded shares of Confluent from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 9th. Raymond James Financial lowered shares of Confluent from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. Evercore set a $31.00 price objective on shares of Confluent in a report on Monday, December 8th. Finally, Canaccord Genuity Group cut shares of Confluent from a “buy” rating to a “hold” rating and boosted their target price for the company from $27.00 to $31.00 in a report on Monday, December 8th.

Insider Activity at Confluent

In other Confluent news, CAO Kong Phan sold 4,545 shares of the firm’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $29.96, for a total value of $136,168.20. Following the completion of the transaction, the chief accounting officer owned 220,505 shares in the company, valued at $6,606,329.80. This trade represents a 2.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lara Caimi sold 1,074 shares of Confluent stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $30.00, for a total value of $32,220.00. Following the transaction, the director directly owned 11,524 shares of the company’s stock, valued at $345,720. The trade was a 8.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,357,664 shares of company stock worth $38,315,446 in the last 90 days. 9.20% of the stock is owned by company insiders.

Institutional Trading of Confluent

A number of hedge funds and other institutional investors have recently bought and sold shares of CFLT. Vanguard Group Inc. boosted its holdings in Confluent by 10.5% in the 3rd quarter. Vanguard Group Inc. now owns 31,347,214 shares of the company’s stock valued at $620,675,000 after purchasing an additional 2,970,708 shares during the period. Champlain Investment Partners LLC boosted its stake in Confluent by 6.7% during the second quarter. Champlain Investment Partners LLC now owns 11,590,026 shares of the company’s stock valued at $288,939,000 after buying an additional 727,943 shares during the period. William Blair Investment Management LLC grew its position in Confluent by 3.8% during the second quarter. William Blair Investment Management LLC now owns 9,639,102 shares of the company’s stock worth $240,303,000 after buying an additional 356,277 shares in the last quarter. Franklin Resources Inc. increased its stake in Confluent by 1.7% in the 2nd quarter. Franklin Resources Inc. now owns 8,592,443 shares of the company’s stock worth $214,210,000 after acquiring an additional 143,232 shares during the last quarter. Finally, Jericho Capital Asset Management L.P. purchased a new stake in shares of Confluent in the 3rd quarter valued at about $163,667,000. Institutional investors own 78.09% of the company’s stock.

Confluent Price Performance

Confluent stock opened at $30.57 on Friday. The business’s 50 day simple moving average is $29.55 and its 200 day simple moving average is $23.96. Confluent has a 12 month low of $15.64 and a 12 month high of $37.90. The company has a market cap of $10.69 billion, a price-to-earnings ratio of -33.97 and a beta of 0.95. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 0.98.

Confluent Company Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.