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

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

Other analysts have also recently issued research reports about the company. Mizuho lowered their price target on Confluent from $38.00 to $36.00 and set a buy rating on the stock in a report on Monday, April 15th. JMP Securities lifted their target price on shares of Confluent from $25.00 to $38.00 and gave the company a market outperform rating in a research report on Thursday, February 8th. JPMorgan Chase & Co. boosted their price target 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 shares of Confluent from a hold rating to a buy rating and raised their price objective for the company from $28.00 to $35.00 in a research report on Wednesday. Finally, Stifel Nicolaus began coverage on shares of Confluent in a research report on Wednesday, February 21st. They issued a buy rating and a $40.00 target price for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $32.77.

Confluent Stock Up 12.8 %

Shares of NASDAQ:CFLT opened at $31.38 on Wednesday. The firm has a fifty day moving average price of $30.20 and a two-hundred day moving average price of $26.28. The company has a market cap of $9.81 billion, a price-to-earnings ratio of -21.35 and a beta of 0.93. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62. Confluent has a one year low of $14.69 and a one year high of $41.22.

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

Insider Buying and Selling

In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the company’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 transaction of $252,283.20. Following the completion of the transaction, the chief technology officer now owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were 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 approximately $16,600,646.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $32.46, for a total transaction of $7,546,950.00. The disclosure for this sale can be found here. Insiders have sold 1,433,170 shares of company stock valued at $46,438,029 over the last ninety days. 13.82% of the stock is owned by insiders.

Institutional Trading of Confluent

Several large 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 acquiring an additional 359 shares in the last quarter. Fifth Third Bancorp grew its stake in 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 purchasing an additional 556 shares during the period. Rhumbline Advisers raised its holdings in Confluent by 0.3% in the third quarter. Rhumbline Advisers now owns 243,828 shares of the company’s stock worth $7,220,000 after purchasing an additional 629 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in 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 buying an additional 700 shares during the period. Finally, Treasurer of the State of North Carolina boosted its holdings in shares of Confluent by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock valued at $1,921,000 after buying an additional 800 shares in the last quarter. 78.09% of the stock is owned by 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.