Confluent (NASDAQ:CFLT) Price Target Raised to $40.00 at Royal Bank of Canada

Confluent (NASDAQ:CFLT) had its price objective lifted by research analysts at Royal Bank of Canada from $37.00 to $40.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 29.66% from the company’s current price.

Several other brokerages also recently issued reports on CFLT. Needham & Company LLC reissued a “buy” rating and set a $38.00 target price on shares of Confluent in a research note on Wednesday. DA Davidson reissued a “buy” rating and set a $37.00 price target on shares of Confluent in a research report on Monday, April 1st. Truist Financial reaffirmed a “buy” rating and set a $36.00 price target (up previously from $33.00) on shares of Confluent in a research report on Wednesday. Canaccord Genuity Group raised shares of Confluent from a “hold” rating to a “buy” rating and increased their price target for the stock from $28.00 to $35.00 in a report on Wednesday. Finally, Canaccord Genuity Group raised Confluent from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.77.

Confluent Stock Up 10.9 %

Shares of CFLT stock traded up $3.02 during mid-day trading on Wednesday, reaching $30.85. 9,119,530 shares of the company’s stock traded hands, compared to its average volume of 4,816,510. The company’s 50-day moving average price is $30.23 and its 200-day moving average price is $26.24. The company has a market cap of $9.64 billion, a P/E ratio of -20.60 and a beta of 0.93. Confluent has a 12 month low of $14.69 and a 12 month high of $41.22. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.34.

Confluent (NASDAQ:CFLT) last posted its earnings results 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 firm had revenue of $213.18 million during the quarter, compared to the consensus estimate of $204.62 million. Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. On average, equities analysts expect that Confluent will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In other Confluent news, CTO Chad Verbowski sold 5,963 shares of Confluent stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total transaction of $191,710.45. Following the completion of the transaction, the chief technology officer now owns 404,412 shares in the company, valued at approximately $13,001,845.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CMO Stephanie Buscemi sold 2,724 shares of the business’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 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 $3,504,414.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Chad Verbowski sold 5,963 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 $191,710.45. Following the transaction, the chief technology officer now owns 404,412 shares of the company’s stock, valued at $13,001,845.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,433,170 shares of company stock valued at $46,438,029. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several institutional investors have recently modified their holdings of CFLT. Coatue Management LLC bought a new position in shares of Confluent in the 4th quarter worth approximately $134,132,000. Vanguard Group Inc. raised its holdings in Confluent by 13.0% in the third quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock worth $545,546,000 after buying an additional 2,125,843 shares during the last quarter. Norges Bank purchased a new stake in Confluent during the 4th quarter valued at $37,046,000. Trivest Advisors Ltd purchased a new position in Confluent in the 4th quarter worth about $31,145,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Confluent in the fourth quarter worth approximately $29,833,000. 78.09% of the stock is currently owned by 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.