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Insiders sold 1,508,636 shares of Confluent stock valued at $47.2 million last quarter, with corporate insiders owning 13.82% of the company. Institutional investors hold 78.09% of the stock, with significant increases in positions from firms like Champlain Investment Partners and Pictet Asset Management. Confluent's stock has a "Moderate Buy" rating, with a consensus target price of $34.74, despite recent earnings missing expectations.
UBS has raised its price target on Confluent, Inc. to $34 from $26 while maintaining a neutral rating. Confluent specializes in data streaming platforms, enabling real-time data connectivity across enterprises, which enhances customer experiences and supports production-ready applications in cloud and data center environments.
Profit-taking dominated the stock market as sellers targeted Magnificent Seven stocks following the Nasdaq's historic rise above 20,000. While Adobe plummeted over 10% after disappointing quarterly results, tech firms like Confluent and Ciena thrived, with Upstart rising more than 4%. The Nasdaq composite dipped nearly 0.4%, influenced by higher-than-expected wholesale prices, while the Dow Jones edged up 0.1%, maintaining a 17.3% year-to-date gain.
UBS has raised its price target for Confluent from $23 to $26, reflecting a positive outlook on the company's performance. This adjustment highlights the growing confidence in Confluent's market position and potential for future growth.
Confluent, Inc.
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16:32 12.12.2024
Confluent price target increased to 26 dollars by UBS
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