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

Confluent (NASDAQ:CFLT) had its target price increased by research analysts at Royal Bank of Canada from $37.00 to $40.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 29.66% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. JMP Securities upped their price target on shares of Confluent from $38.00 to $40.00 and gave the stock a “market outperform” rating in a report on Wednesday. Guggenheim increased their target price on shares of Confluent from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday. TD Cowen upped their target price on Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and set a $38.00 price objective on shares of Confluent in a research report on Wednesday. Finally, Stifel Nicolaus began coverage on shares of Confluent in a report on Wednesday, February 21st. They issued a “buy” rating and a $40.00 price target for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $32.77.

Confluent Stock Performance

CFLT traded up $3.02 during trading hours on Wednesday, reaching $30.85. The company’s stock had a trading volume of 9,119,530 shares, compared to its average volume of 4,816,510. The company’s 50-day moving average is $30.23 and its 200-day moving average is $26.24. Confluent has a 52 week low of $14.69 and a 52 week high of $41.22. The firm has a market cap of $9.64 billion, a PE ratio of -20.60 and a beta of 0.93. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The business had revenue of $213.18 million during the quarter, compared to analyst estimates of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. On average, equities analysts forecast that Confluent will post -0.92 EPS for the current year.

Insider Transactions at Confluent

In other 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 value of $252,283.20. Following the completion of the sale, the chief technology officer now directly owns 532,072 shares in the company, valued at approximately $16,600,646.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $32.46, for a total value of $7,546,950.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chad Verbowski sold 8,086 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were 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 directly owns 532,072 shares in the company, valued at $16,600,646.40. The disclosure for this sale can be found here. Insiders sold a total of 1,433,170 shares of company stock valued at $46,438,029 in the last quarter. 13.82% of the stock is owned by insiders.

Institutional Trading of Confluent

Several large investors have recently made changes to their positions in CFLT. Invesco Ltd. raised its holdings in Confluent by 14.0% during the third 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. KADENSA CAPITAL Ltd acquired a new position in shares of Confluent in the third quarter valued at approximately $11,512,000. Tower Research Capital LLC TRC boosted its position in shares of Confluent by 18,649.2% in the third quarter. Tower Research Capital LLC TRC now owns 12,187 shares of the company’s stock worth $361,000 after acquiring an additional 12,122 shares during the last quarter. Northern Trust Corp lifted its position in Confluent by 45.7% during the third quarter. Northern Trust Corp now owns 1,044,896 shares of the company’s stock valued at $30,939,000 after buying an additional 327,940 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Confluent by 13.0% during the 3rd 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 period. 78.09% of the stock is currently owned by hedge funds and other 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.