Confluent (NASDAQ:CFLT) Given New $26.00 Price Target at JPMorgan Chase & Co.

Confluent (NASDAQ:CFLT) had its price target upped by JPMorgan Chase & Co. from $25.00 to $26.00 in a report issued on Friday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities research analysts have also recently issued reports on CFLT. Evercore ISI decreased their target price on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Citigroup reduced their price target on shares of Confluent from $32.00 to $28.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 30th. Sanford C. Bernstein reduced their price target on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday. DA Davidson reaffirmed a “buy” rating and set a $30.00 price target on shares of Confluent in a research report on Wednesday, September 18th. Finally, Robert W. Baird began coverage on shares of Confluent in a research report on Wednesday, September 4th. They set a “neutral” rating and a $23.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.79.

Confluent Price Performance

CFLT opened at $22.53 on Friday. The company’s 50 day simple moving average is $20.78 and its 200 day simple moving average is $24.85. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. Confluent has a 1 year low of $14.69 and a 1 year high of $35.07. The stock has a market capitalization of $7.16 billion, a PE ratio of -18.02 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. The company had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. As a group, sell-side analysts expect that Confluent will post -0.95 EPS for the current year.

Insiders Place Their Bets

In other Confluent news, insider Erica Schultz sold 9,556 shares of Confluent stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $207,174.08. Following the completion of the transaction, the insider now owns 687,483 shares of the company’s stock, valued at $14,904,631.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Confluent news, insider Erica Schultz sold 9,556 shares of Confluent stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $207,174.08. Following the completion of the transaction, the insider now owns 687,483 shares of the company’s stock, valued at $14,904,631.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 524,453 shares of company stock valued at $10,833,388 over the last 90 days. 13.82% of the stock is owned by company insiders.

Hedge Funds Weigh In On Confluent

Several hedge funds and other institutional investors have recently modified their holdings of CFLT. Hollencrest Capital Management acquired a new position in shares of Confluent during the first quarter valued at $26,000. V Square Quantitative Management LLC acquired a new position in shares of Confluent during the second quarter valued at $68,000. UniSuper Management Pty Ltd lifted its holdings in Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after purchasing an additional 1,500 shares during the period. Advisors Asset Management Inc. lifted its holdings in Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after purchasing an additional 859 shares during the period. Finally, Lazard Asset Management LLC grew its position in Confluent by 25.5% in the 1st quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock valued at $175,000 after buying an additional 1,167 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.