TD Cowen Raises Confluent (NASDAQ:CFLT) Price Target to $37.00

Confluent (NASDAQ:CFLT) had its target price raised by equities research analysts at TD Cowen from $34.00 to $37.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential upside of 22.27% from the company’s previous close.

Other research analysts have also issued research reports about the stock. JMP Securities increased their target price on shares of Confluent from $25.00 to $38.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 8th. The Goldman Sachs Group raised their price objective on Confluent from $24.00 to $27.00 and gave the stock a “neutral” rating in a research note on Thursday, February 8th. Canaccord Genuity Group upgraded 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. Stifel Nicolaus began coverage on Confluent in a report on Wednesday, February 21st. They set a “buy” rating and a $40.00 target price on the stock. Finally, Royal Bank of Canada boosted their price target on Confluent from $35.00 to $37.00 and gave the company an “outperform” rating in a research note on Wednesday, February 14th. One 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 company’s stock. According to MarketBeat, Confluent has an average rating of “Moderate Buy” and a consensus price target of $32.54.

Confluent Stock Performance

Shares of CFLT traded up $2.43 during mid-day trading on Wednesday, reaching $30.26. The company’s stock had a trading volume of 7,360,637 shares, compared to its average volume of 4,799,325. 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 has a 1-year low of $14.69 and a 1-year high of $41.22. The business has a 50-day simple moving average of $30.23 and a two-hundred day simple moving average of $26.24. The stock has a market cap of $9.46 billion, a P/E ratio of -20.53 and a beta of 0.93.

Confluent (NASDAQ:CFLT) last announced 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 for the quarter, compared to the consensus estimate of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. As a group, equities research analysts anticipate that Confluent will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In related news, CTO Chad Verbowski sold 8,086 shares of the company’s 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 owns 532,072 shares in the company, valued at $16,600,646.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total transaction of $252,283.20. Following the transaction, the chief technology officer now directly owns 532,072 shares in the company, valued at $16,600,646.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lara Caimi sold 46,875 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $31.90, for a total transaction of $1,495,312.50. Following the completion of the sale, the director now owns 5,399 shares of the company’s stock, valued at approximately $172,228.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,433,170 shares of company stock worth $46,438,029. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. raised its stake in shares of 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 during the period. KADENSA CAPITAL Ltd purchased a new position in Confluent in the third quarter valued at about $11,512,000. Tower Research Capital LLC TRC grew its position in shares of Confluent by 18,649.2% during the 3rd quarter. Tower Research Capital LLC TRC now owns 12,187 shares of the company’s stock valued at $361,000 after acquiring an additional 12,122 shares during the period. Northern Trust Corp increased its stake in shares of Confluent by 45.7% during the 3rd quarter. Northern Trust Corp now owns 1,044,896 shares of the company’s stock worth $30,939,000 after purchasing an additional 327,940 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Confluent by 13.0% in 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. Hedge funds and other 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.