UBS Group Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

by · The Markets Daily

Confluent (NASDAQ:CFLT – Free Report) had its target price hoisted by UBS Group from $23.00 to $26.00 in a report published on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research firms have also commented on CFLT. Canaccord Genuity Group decreased their price target on Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Needham & Company LLC increased their price target on Confluent from $28.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday. Wells Fargo & Company decreased their price target on Confluent from $38.00 to $34.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Barclays increased their price objective on Confluent from $29.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Bank of America decreased their price objective on Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.28.

Read Our Latest Research Report on CFLT

Confluent Price Performance

Shares of CFLT traded up $0.33 during mid-day trading on Thursday, reaching $26.50. The company had a trading volume of 1,408,225 shares, compared to its average volume of 4,331,277. Confluent has a twelve month low of $14.69 and a twelve month high of $35.07. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. The company’s 50-day moving average is $20.94 and its 200-day moving average is $24.69. The company has a market capitalization of $8.55 billion, a P/E ratio of -23.40 and a beta of 0.88.

Confluent (NASDAQ:CFLT – Get Free Report) last issued its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative return on equity of 34.97% and a negative net margin of 38.35%. The business had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. On average, equities analysts anticipate that Confluent will post -0.95 EPS for the current year.

Insider Activity at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $9,045,235.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at approximately $3,505,070.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,045,235.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 524,453 shares of company stock valued at $10,833,388. 13.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Confluent

Hedge funds and other institutional investors have recently bought and sold shares of the business. Hollencrest Capital Management bought a new position in Confluent during the first quarter worth about $26,000. V Square Quantitative Management LLC bought a new stake in shares of Confluent during the second quarter worth approximately $68,000. UniSuper Management Pty Ltd boosted its holdings in shares of Confluent by 125.0% during the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after acquiring an additional 1,500 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of Confluent by 40.3% during the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after acquiring an additional 859 shares during the period. Finally, Lazard Asset Management LLC boosted its holdings in shares of Confluent by 25.5% during the first quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after acquiring an additional 1,167 shares during the period. Institutional investors own 78.09% of the company’s stock.

About Confluent

(Get Free Report)

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.

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