Confluent (NASDAQ:CFLT) Price Target Raised to $37.00 at Guggenheim

Confluent (NASDAQ:CFLT) had its price target lifted by equities research analysts at Guggenheim from $35.00 to $37.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price target indicates a potential upside of 22.23% from the stock’s previous close.

CFLT has been the subject of a number of other research reports. Loop Capital assumed coverage on shares of Confluent in a research report on Tuesday, January 30th. They set a “hold” rating and a $23.00 target price for the company. Canaccord Genuity Group upgraded shares of Confluent from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Wednesday. JMP Securities raised their target price on Confluent from $25.00 to $38.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 8th. Stifel Nicolaus started coverage on Confluent in a research report on Wednesday, February 21st. They set a “buy” rating and a $40.00 price target on the stock. Finally, UBS Group raised their price objective on shares of Confluent from $21.00 to $26.00 and gave the company a “neutral” rating in a research report on Monday, February 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $32.65.

Confluent Stock Performance

NASDAQ CFLT traded up $2.44 on Wednesday, hitting $30.27. 7,739,613 shares of the stock traded hands, compared to its average volume of 4,804,305. The firm has a market capitalization of $9.46 billion, a price-to-earnings ratio of -20.61 and a beta of 0.93. The business’s fifty day moving average is $30.23 and its two-hundred day moving average is $26.24. 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 has a 12 month low of $14.69 and a 12 month high of $41.22.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results 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). Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. The firm had revenue of $213.18 million for the quarter, compared to the consensus estimate of $204.62 million. As a group, equities analysts anticipate that Confluent will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Chad Verbowski sold 8,086 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total transaction of $252,283.20. Following the transaction, the chief technology officer now directly owns 532,072 shares of the company’s stock, valued at $16,600,646.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction that occurred 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 owns 532,072 shares in the company, valued at $16,600,646.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $33.91, for a total transaction of $2,161,050.39. Following the completion of the transaction, the insider now owns 706,715 shares in the company, valued at approximately $23,964,705.65. The disclosure for this sale can be found here. Insiders have sold a total of 1,433,170 shares of company stock worth $46,438,029 in the last 90 days. 13.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On Confluent

Institutional investors and hedge funds have recently bought and sold shares of the business. Hollencrest Capital Management purchased a new position in shares of Confluent during the 1st quarter worth approximately $26,000. Rakuten Securities Inc. bought a new stake in shares of Confluent in the 4th quarter worth $31,000. Quest Partners LLC bought a new stake in shares of Confluent in the fourth quarter worth approximately $31,000. GAMMA Investing LLC bought a new position in shares of Confluent during the 4th quarter valued at $35,000. Finally, UniSuper Management Pty Ltd bought a new position in Confluent in the third quarter valued at about $36,000. Hedge funds and other institutional investors 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.