Confluent (NASDAQ:CFLT) Given New $40.00 Price Target at JMP Securities

Confluent (NASDAQ:CFLT) had its price target hoisted by JMP Securities from $38.00 to $40.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a market outperform rating on the stock.

A number of other research analysts have also weighed in on the company. Scotiabank boosted their target price on Confluent from $22.00 to $28.00 and gave the stock a sector perform rating in a report on Thursday, February 8th. The Goldman Sachs Group increased their price objective on shares of Confluent from $24.00 to $27.00 and gave the company a neutral rating in a research report on Thursday, February 8th. Canaccord Genuity Group raised shares of Confluent from a hold rating to a buy rating and set a $35.00 target price for the company in a report on Wednesday. Barclays increased their price target on shares of Confluent from $33.00 to $34.00 and gave the company an overweight rating in a report on Wednesday. Finally, Royal Bank of Canada boosted their price objective on Confluent from $35.00 to $37.00 and gave the stock an outperform rating in a report on Wednesday, February 14th. One investment 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 target price of $32.77.

Confluent Price Performance

Shares of CFLT opened at $31.38 on Wednesday. The company 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 company’s fifty day simple moving average is $30.20 and its 200 day simple moving average is $26.28. Confluent has a 1-year low of $14.69 and a 1-year high of $41.22.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share (EPS) 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, research analysts forecast that Confluent will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Erica Schultz sold 63,729 shares of the stock in a transaction on 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 sale, the insider now directly owns 479,537 shares in the company, valued at $15,225,299.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Confluent news, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the completion of the sale, the insider now owns 479,537 shares of the company’s stock, valued at approximately $15,225,299.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction that occurred 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 transaction, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,433,170 shares of company stock worth $46,438,029. Insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several hedge funds have recently bought and sold shares of CFLT. Vanguard Group Inc. lifted its stake in shares of Confluent by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 19,071,645 shares of the company’s stock valued at $446,276,000 after buying an additional 647,251 shares in the last quarter. Coatue Management LLC bought a new position in Confluent in the 4th quarter valued at about $134,132,000. First Trust Advisors LP boosted its stake in Confluent by 15.3% during the 4th quarter. First Trust Advisors LP now owns 5,551,696 shares of the company’s stock valued at $129,910,000 after purchasing an additional 738,147 shares during the last quarter. Invesco Ltd. increased its holdings in Confluent by 14.0% during the 3rd quarter. Invesco Ltd. now owns 3,824,055 shares of the company’s stock worth $113,230,000 after purchasing an additional 470,002 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Confluent by 5.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,931,677 shares of the company’s stock worth $45,201,000 after purchasing an additional 104,801 shares during the last quarter. 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.