Confluent (NASDAQ:CFLT) Given New $38.00 Price Target at Wells Fargo & Company

Confluent (NASDAQ:CFLT) had its target price upped by equities researchers at Wells Fargo & Company from $36.00 to $38.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 27.26% from the company’s current price.

A number of other analysts also recently issued reports on the company. DA Davidson reiterated a “buy” rating and set a $37.00 price target on shares of Confluent in a research report on Monday, April 1st. 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 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. Barclays upped their target price on shares of Confluent from $26.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, February 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $38.00 price target on shares of Confluent in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Confluent currently has a consensus rating of “Moderate Buy” and an average price target of $31.80.

Confluent Stock Performance

Shares of CFLT stock traded up $2.03 on Wednesday, hitting $29.86. 5,472,254 shares of the stock were exchanged, compared to its average volume of 4,777,887. Confluent has a one year low of $14.69 and a one year high of $41.22. The firm’s 50 day moving average is $30.23 and its two-hundred day moving average is $26.24. The firm has a market capitalization of $9.33 billion, a PE ratio of -20.28 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.

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

Insiders Place Their Bets

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 stock was sold at an average price of $32.15, for a total transaction 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 filing with the SEC, which can be accessed through this link. In other Confluent news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $31.75, for a total value of $2,023,395.75. Following the completion of the transaction, the insider now owns 479,537 shares of the company’s stock, valued at approximately $15,225,299.75. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CMO Stephanie Buscemi sold 2,724 shares of Confluent stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total transaction of $87,576.60. Following the completion of the sale, the chief marketing officer now owns 109,002 shares of the company’s stock, valued at $3,504,414.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,433,170 shares of company stock worth $46,438,029. 13.82% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

Several large investors have recently modified their holdings of the company. Hollencrest Capital Management purchased a new position in Confluent in the first quarter worth about $26,000. Rakuten Securities Inc. purchased a new stake in Confluent during the fourth quarter valued at approximately $31,000. Quest Partners LLC bought a new position in Confluent in the fourth quarter worth approximately $31,000. GAMMA Investing LLC purchased a new position in shares of Confluent during the 4th quarter worth $35,000. Finally, UniSuper Management Pty Ltd bought a new stake in shares of Confluent during the 3rd quarter valued at $36,000. Institutional investors 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.