Confluent (NASDAQ:CFLT) Shares Gap Up After Analyst Upgrade

Confluent, Inc. (NASDAQ:CFLT)’s stock price gapped up before the market opened on Wednesday after TD Cowen raised their price target on the stock from $34.00 to $37.00. The stock had previously closed at $27.83, but opened at $30.29. TD Cowen currently has a buy rating on the stock. Confluent shares last traded at $30.00, with a volume of 4,158,559 shares trading hands.

CFLT has been the subject of several other research reports. DA Davidson reissued a “buy” rating and set a $37.00 price objective on shares of Confluent in a report on Monday, April 1st. Royal Bank of Canada boosted their price target on shares of Confluent from $35.00 to $37.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 14th. 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 price objective on the stock. Scotiabank upped their target price on shares of Confluent from $22.00 to $28.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $38.00 target price on shares of Confluent in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.54.

Insider Buying and Selling at Confluent

In related news, CAO Ying Christina Liu sold 4,109 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $132,104.35. Following the completion of the transaction, the chief accounting officer now directly owns 123,497 shares of the company’s stock, valued at $3,970,428.55. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CAO Ying Christina Liu sold 4,109 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $132,104.35. Following the sale, the chief accounting officer now directly owns 123,497 shares of the company’s stock, valued at $3,970,428.55. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Chad Verbowski sold 8,086 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the transaction, the chief technology officer now directly owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,433,170 shares of company stock valued at $46,438,029. 13.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Confluent

A number of hedge funds and other institutional investors have recently bought and sold shares of CFLT. Dynamic Technology Lab Private Ltd raised its position in shares of Confluent by 1.9% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock worth $448,000 after purchasing an additional 359 shares during the last quarter. Xponance Inc. raised its holdings in Confluent by 1.7% in the third quarter. Xponance Inc. now owns 26,427 shares of the company’s stock worth $783,000 after buying an additional 440 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Confluent by 5.0% in the fourth quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock worth $274,000 after buying an additional 556 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Confluent by 0.3% during the third quarter. Rhumbline Advisers now owns 243,828 shares of the company’s stock valued at $7,220,000 after buying an additional 629 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its position in shares of Confluent by 6.6% during the fourth quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the company’s stock valued at $264,000 after acquiring an additional 700 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Stock Performance

The company has a market capitalization of $9.47 billion, a PE ratio of -20.53 and a beta of 0.93. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. The business’s fifty day moving average is $30.23 and its two-hundred day moving average is $26.24.

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

About Confluent

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.