Confluent (CFLT) shares rose about 20% in recent Wednesday trading after several analysts raised their price targets on the stock following the company's forecast-beating Q4 results.

RBC Capital Markets increased its price target on Confluent to $41 from $36 while keeping its outperform rating.

"Confluent reported strong results with all key metrics

ahead of expectations and the high-end of guidance," RBC said in a note. "We feel Confluent is well-positioned for share gains and remains a top SMID-cap idea."

Other price target increases were from Truist to $40 from $35, Oppenheimer to $40 from $37, and UBS to $34 from $26.

Price: 35.99, Change: +5.89, Percent Change: +19.57