Confluent, Inc. (NASDAQ:CFLT) Receives $28.78 Average Target Price from Brokerages

Shares of Confluent, Inc. (NASDAQ:CFLT) have earned a consensus recommendation of “Hold” from the thirty-five brokerages that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, twenty-eight have issued a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $28.7813.

Several research analysts have issued reports on CFLT shares. Guggenheim cut Confluent from a “buy” rating to a “hold” rating in a report on Tuesday, December 9th. William Blair lowered Confluent from an “outperform” rating to a “market perform” rating in a research report on Monday, December 8th. Robert W. Baird increased their price target on Confluent from $26.00 to $31.00 and gave the company a “neutral” rating in a research report on Tuesday, December 9th. Wells Fargo & Company restated an “equal weight” rating and set a $31.00 price objective on shares of Confluent in a report on Monday, December 8th. Finally, New Street Research set a $29.00 target price on shares of Confluent in a report on Thursday, October 30th.

Insider Transactions at Confluent

In other Confluent news, Director Michelangelo Volpi sold 32,038 shares of Confluent stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $29.77, for a total transaction of $953,771.26. Following the transaction, the director directly owned 235,041 shares in the company, valued at approximately $6,997,170.57. The trade was a 12.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Ban Ryan Norris Mac sold 44,114 shares of the stock in a transaction on Monday, December 8th. The shares were sold at an average price of $29.77, for a total value of $1,313,273.78. Following the completion of the sale, the executive owned 336,950 shares of the company’s stock, valued at $10,031,001.50. The trade was a 11.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,357,664 shares of company stock worth $38,315,446. 9.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Confluent

Large investors have recently made changes to their positions in the business. United Community Bank purchased a new position in Confluent during the fourth quarter valued at approximately $30,000. Quarry LP acquired a new stake in shares of Confluent during the 3rd quarter valued at $26,000. Farther Finance Advisors LLC grew its holdings in shares of Confluent by 252.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,448 shares of the company’s stock valued at $36,000 after acquiring an additional 1,037 shares in the last quarter. Danske Bank A S acquired a new position in shares of Confluent in the third quarter worth $34,000. Finally, True Wealth Design LLC purchased a new stake in shares of Confluent during the third quarter worth $36,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

Confluent Stock Down 0.4%

NASDAQ CFLT opened at $30.33 on Friday. Confluent has a 12 month low of $15.64 and a 12 month high of $37.90. The company has a market capitalization of $10.61 billion, a P/E ratio of -33.70 and a beta of 0.95. The company’s 50 day simple moving average is $29.20 and its 200 day simple moving average is $23.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 4.01 and a quick ratio of 4.01.

Confluent Company Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.