Confluent (NASDAQ:CFLT) Price Target Raised to $38.00 at Guggenheim

Confluent (NASDAQ:CFLT) had its price objective lifted by Guggenheim from $35.00 to $38.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

CFLT has been the subject of a number of other research reports. Mizuho raised their price target on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Royal Bank of Canada raised their target price on shares of Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Piper Sandler boosted their price target on shares of Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday. Sanford C. Bernstein decreased their price target on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, Truist Financial lifted their price objective on Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Confluent Stock Performance

Shares of NASDAQ:CFLT opened at $37.65 on Wednesday. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The company has a 50-day moving average price of $29.58 and a 200-day moving average price of $25.37. The company has a market cap of $12.35 billion, a price-to-earnings ratio of -33.92 and a beta of 0.92. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. As a group, equities analysts anticipate that Confluent will post -0.9 EPS for the current year.

Insider Activity at Confluent

In other Confluent news, CMO Stephanie Buscemi sold 5,271 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $148,800.33. Following the completion of the transaction, the chief marketing officer now owns 144,373 shares of the company’s stock, valued at approximately $4,075,649.79. The trade was a 3.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Erica Schultz sold 9,467 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $267,253.41. Following the transaction, the insider now owns 678,016 shares in the company, valued at $19,140,391.68. This represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,508,636 shares of company stock valued at $47,198,798. 13.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new stake in Confluent in the 2nd quarter worth approximately $462,000. Creative Planning boosted its stake in shares of Confluent by 109.9% in the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after buying an additional 49,699 shares during the last quarter. Lake Street Advisors Group LLC boosted its stake in shares of Confluent by 14.0% in the 3rd quarter. Lake Street Advisors Group LLC now owns 18,481 shares of the company’s stock worth $377,000 after buying an additional 2,263 shares during the last quarter. US Bancorp DE grew its holdings in shares of Confluent by 307.7% in the third quarter. US Bancorp DE now owns 16,702 shares of the company’s stock worth $340,000 after acquiring an additional 12,605 shares during the period. Finally, Janney Capital Management LLC increased its position in Confluent by 52.2% during the third quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock valued at $406,000 after acquiring an additional 6,842 shares during the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.