Confluent (NASDAQ:CFLT) Given New $37.00 Price Target at TD Cowen

Confluent (NASDAQ:CFLT) had its price objective increased by TD Cowen from $34.00 to $37.00 in a report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently commented on CFLT. JMP Securities boosted their price target on shares of Confluent from $25.00 to $38.00 and gave the stock a market outperform rating in a research note on Thursday, February 8th. Truist Financial reissued a buy rating and set a $36.00 target price (up from $33.00) on shares of Confluent in a research note on Wednesday. Loop Capital began coverage on Confluent in a research report on Tuesday, January 30th. They issued a hold rating and a $23.00 price target on the stock. Mizuho lowered their price objective on Confluent from $38.00 to $36.00 and set a buy rating for the company in a research report on Monday, April 15th. Finally, Canaccord Genuity Group raised shares of Confluent from a hold rating to a buy rating and raised their target price for the company from $28.00 to $35.00 in a report on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $32.77.

Confluent Price Performance

CFLT opened at $31.38 on Wednesday. The firm has a market cap of $9.81 billion, a price-to-earnings ratio of -21.35 and a beta of 0.93. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. The stock’s 50-day moving average price is $30.20 and its 200 day moving average price is $26.28. Confluent has a 12-month low of $14.69 and a 12-month high of $41.22.

Confluent (NASDAQ:CFLT) last posted 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). Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. The business had revenue of $213.18 million during the quarter, compared to analysts’ expectations of $204.62 million. As a group, sell-side analysts expect that Confluent will post -0.92 earnings per share for the current year.

Insider Activity at Confluent

In other Confluent news, CAO Ying Christina Liu sold 4,109 shares of Confluent stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $132,104.35. Following the transaction, the chief accounting officer now directly owns 123,497 shares in the company, valued at $3,970,428.55. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total transaction of $252,283.20. Following the completion of the sale, the chief technology officer now directly owns 532,072 shares of the company’s stock, valued at $16,600,646.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Ying Christina Liu sold 4,109 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total transaction of $132,104.35. Following the completion of the transaction, the chief accounting officer now directly owns 123,497 shares in the company, valued at $3,970,428.55. The disclosure for this sale can be found here. Insiders sold a total of 1,433,170 shares of company stock worth $46,438,029 in the last 90 days. 13.82% of the stock is owned by insiders.

Institutional Trading of Confluent

Several hedge funds have recently made changes to their positions in CFLT. Coatue Management LLC purchased a new position in Confluent during the fourth quarter worth about $134,132,000. Vanguard Group Inc. increased its position in Confluent by 13.0% during the 3rd quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock worth $545,546,000 after purchasing an additional 2,125,843 shares during the period. Norges Bank purchased a new position in shares of Confluent during the 4th quarter worth approximately $37,046,000. Trivest Advisors Ltd acquired a new stake in shares of Confluent in the 4th quarter valued at approximately $31,145,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new stake in shares of Confluent in the fourth quarter valued at approximately $29,833,000. 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.