Confluent (NASDAQ:CFLT) Price Target Increased to $37.00 by Analysts at Guggenheim

Confluent (NASDAQ:CFLT) had its target price lifted by Guggenheim from $35.00 to $37.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

CFLT has been the subject of a number of other research reports. JPMorgan Chase & Co. raised their target price on shares of Confluent from $23.00 to $27.00 and gave the stock a neutral rating in a research note on Thursday, February 8th. Canaccord Genuity Group upgraded Confluent from a hold rating to a buy rating and boosted their price objective for the stock from $28.00 to $35.00 in a report on Wednesday. JMP Securities upped their target price on Confluent from $25.00 to $38.00 and gave the company a market outperform rating in a research report on Thursday, February 8th. UBS Group lifted their price target on Confluent from $21.00 to $26.00 and gave the stock a neutral rating in a report on Monday, February 5th. Finally, DA Davidson reaffirmed a buy rating and issued a $37.00 price objective on shares of Confluent in a report on Monday, April 1st. One equities research 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. Based on data from MarketBeat, Confluent presently has an average rating of Moderate Buy and an average target price of $32.77.

Confluent Stock Performance

CFLT opened at $31.38 on Wednesday. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.34. Confluent has a 12-month low of $14.69 and a 12-month high of $41.22. The business has a 50 day moving average of $30.20 and a 200-day moving average of $26.28. The stock has a market cap of $9.81 billion, a price-to-earnings ratio of -21.35 and a beta of 0.93.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share (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 analyst estimates of $204.62 million. On average, equities research analysts expect that Confluent will post -0.92 earnings per share for the current year.

Insider Transactions at Confluent

In related 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 value of $252,283.20. Following the sale, the chief technology officer now directly owns 532,072 shares of the company’s stock, valued at $16,600,646.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Lara Caimi sold 46,875 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $31.90, for a total value of $1,495,312.50. Following the completion of the transaction, the director now directly owns 5,399 shares in the company, valued at approximately $172,228.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction 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 sale, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,433,170 shares of company stock valued at $46,438,029. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Large investors have recently bought and sold shares of the company. Coatue Management LLC acquired a new position in shares of Confluent in the fourth quarter valued at approximately $134,132,000. Vanguard Group Inc. grew its holdings in Confluent by 13.0% during the 3rd quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock worth $545,546,000 after acquiring an additional 2,125,843 shares during the last quarter. Norges Bank acquired a new position in Confluent in the 4th quarter valued at approximately $37,046,000. Trivest Advisors Ltd bought a new position in shares of Confluent during the fourth quarter valued at $31,145,000. Finally, CloudAlpha Capital Management Limited Hong Kong acquired a new position in shares of Confluent during the fourth quarter worth $29,833,000. 78.09% of the stock is currently owned by institutional investors.

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.