Confluent (NASDAQ:CFLT) Given New $38.00 Price Target at Guggenheim

Confluent (NASDAQ:CFLT) had its target price upped by Guggenheim from $35.00 to $38.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price target would suggest a potential upside of 6.04% from the company’s current price.

CFLT has been the topic of several other research reports. Bank of America lifted their price objective on Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday. Evercore ISI lifted their price target on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday. Morgan Stanley restated an “equal weight” rating and issued a $30.00 price objective (down from $33.00) on shares of Confluent in a report on Thursday, January 16th. Sanford C. Bernstein lowered their target price on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, Piper Sandler increased their price target on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Confluent has an average rating of “Moderate Buy” and an average price target of $33.89.

Confluent Price Performance

CFLT traded up $5.74 during midday trading on Wednesday, hitting $35.84. The company had a trading volume of 6,831,745 shares, compared to its average volume of 4,362,035. Confluent has a twelve month low of $17.79 and a twelve month high of $35.72. The firm’s 50-day simple moving average is $29.49 and its 200-day simple moving average is $25.28. The company has a market capitalization of $11.75 billion, a PE ratio of -31.92 and a beta of 0.92. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. Equities research analysts predict that Confluent will post -0.9 EPS for the current fiscal year.

Insider Transactions at Confluent

In related news, insider Erica Schultz sold 9,467 shares of Confluent stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $267,253.41. Following the sale, the insider now owns 678,016 shares of the company’s stock, valued at approximately $19,140,391.68. The trade was a 1.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Kong Phan sold 2,096 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $59,170.08. Following the transaction, the chief accounting officer now directly owns 190,680 shares of the company’s stock, valued at $5,382,896.40. This trade represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,508,636 shares of company stock valued at $47,198,798 over the last three months. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several hedge funds have recently bought and sold shares of CFLT. Quantbot Technologies LP boosted its position in Confluent by 1,465.6% during the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after purchasing an additional 28,360 shares during the period. Pathway Capital Management LP acquired a new stake in shares of Confluent during the 3rd quarter worth about $918,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Confluent by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after buying an additional 64,926 shares during the period. Creative Planning grew its stake in Confluent by 109.9% in the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after buying an additional 49,699 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its holdings in Confluent by 152.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock valued at $1,398,000 after acquiring an additional 41,431 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.