Guggenheim Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

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

A number of other research analysts have also issued reports on CFLT. Canaccord Genuity Group boosted their target price on Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. Royal Bank of Canada boosted their price target on Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. TD Cowen raised their target price on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Mizuho raised their price target on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Barclays raised their price target on Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Confluent Trading Down 3.8 %

Shares of Confluent stock opened at $34.85 on Wednesday. Confluent has a 1 year low of $17.79 and a 1 year high of $37.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. The company has a market capitalization of $11.43 billion, a P/E ratio of -31.40 and a beta of 0.92. The company’s fifty day moving average is $29.67 and its two-hundred day moving average is $25.52.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) 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%. Analysts forecast that Confluent will post -0.9 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Lara Caimi sold 34,500 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $31.32, for a total value of $1,080,540.00. Following the completion of the transaction, the director now directly owns 7,160 shares in the company, valued at approximately $224,251.20. This represents a 82.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Kong Phan sold 2,096 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $59,170.08. Following the completion of the transaction, the chief accounting officer now 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 have sold a total of 1,508,636 shares of company stock worth $47,198,798 over the last quarter. 13.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Champlain Investment Partners LLC grew its stake in Confluent by 72.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after purchasing an additional 4,486,841 shares in the last quarter. Norges Bank acquired a new stake in Confluent during the 4th quarter valued at approximately $81,092,000. Pictet Asset Management Holding SA grew its stake in Confluent by 7,342.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock valued at $65,748,000 after purchasing an additional 2,319,919 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in Confluent during the 4th quarter valued at approximately $64,658,000. Finally, Fiera Capital Corp bought a new stake in shares of Confluent in the 3rd quarter worth about $21,127,000. 78.09% of the stock is currently 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.