Wells Fargo & Company Raises Confluent (NASDAQ:CFLT) Price Target to $38.00

Confluent (NASDAQ:CFLT) had its price objective increased by Wells Fargo & Company from $36.00 to $38.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities analysts also recently commented on the company. Stifel Nicolaus started coverage on Confluent in a research note on Wednesday, February 21st. They issued a buy rating and a $40.00 target price for the company. UBS Group upped their price target on shares of Confluent from $21.00 to $26.00 and gave the stock a neutral rating in a research report on Monday, February 5th. Royal Bank of Canada lifted their price objective on shares of Confluent from $35.00 to $37.00 and gave the company an outperform rating in a research report on Wednesday, February 14th. Canaccord Genuity Group upgraded shares of Confluent from a hold rating to a buy rating and set a $35.00 target price for the company in a research report on Wednesday. Finally, Canaccord Genuity Group raised Confluent from a hold rating to a buy rating and lifted their price target for the company from $28.00 to $35.00 in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $32.77.

Confluent Trading Up 12.8 %

Shares of NASDAQ CFLT opened at $31.38 on Wednesday. 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’s 50 day moving average price is $30.20 and its two-hundred day moving average price is $26.28. Confluent has a 52-week low of $14.69 and a 52-week high of $41.22. The stock has a market capitalization of $9.81 billion, a P/E ratio of -21.35 and a beta of 0.93.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $213.18 million for the quarter, compared to the consensus estimate of $204.62 million. On average, analysts anticipate that Confluent will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In related news, CMO Stephanie Buscemi sold 2,724 shares of Confluent stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $87,576.60. Following the transaction, the chief marketing officer now directly owns 109,002 shares in the company, valued at approximately $3,504,414.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CMO Stephanie Buscemi sold 2,724 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $87,576.60. Following the completion of the transaction, the chief marketing officer now owns 109,002 shares of the company’s stock, valued at approximately $3,504,414.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total transaction of $252,283.20. Following the sale, the chief technology officer now directly owns 532,072 shares in the company, valued at $16,600,646.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,433,170 shares of company stock worth $46,438,029. Insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several hedge funds have recently bought and sold shares of the business. Hollencrest Capital Management acquired a new position in shares of Confluent in the 1st quarter valued at about $26,000. Rakuten Securities Inc. acquired a new position in Confluent in the 4th quarter valued at approximately $31,000. Quest Partners LLC purchased a new stake in Confluent in the 4th quarter worth approximately $31,000. GAMMA Investing LLC acquired a new stake in shares of Confluent during the 4th quarter valued at $35,000. Finally, UniSuper Management Pty Ltd acquired a new stake in shares of Confluent during the 3rd quarter valued at $36,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.