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

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

Several other equities research analysts also recently commented on CFLT. Citigroup upped their price objective on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. Morgan Stanley restated an “equal weight” rating and set a $30.00 price target (down from $33.00) on shares of Confluent in a research note on Thursday, January 16th. Robert W. Baird lifted their price objective on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Barclays increased their target price on Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Royal Bank of Canada lifted their price target on Confluent from $33.00 to $36.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Confluent Trading Up 25.1 %

NASDAQ:CFLT opened at $37.65 on Wednesday. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. 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 firm’s 50 day moving average is $29.58 and its 200 day moving average is $25.37. The stock has a market capitalization of $12.35 billion, a PE ratio of -33.92 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last issued its earnings results 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 net margin of 38.35% and a negative return on equity of 34.05%. Sell-side analysts expect that Confluent will post -0.9 earnings per share for the current year.

Insider Activity at Confluent

In related news, CMO Stephanie Buscemi sold 26,047 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $32.89, for a total value of $856,685.83. Following the completion of the sale, the chief marketing officer now owns 144,373 shares in the company, valued at $4,748,427.97. The trade was a 15.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Matthew Craig Miller sold 53,512 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $33.64, for a total transaction of $1,800,143.68. The disclosure for this sale can be found here. Insiders have sold a total of 1,508,636 shares of company stock valued at $47,198,798 over the last 90 days. 13.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Confluent

A number of hedge funds have recently made changes to their positions in CFLT. Quantbot Technologies LP raised its position in Confluent by 1,465.6% in the 3rd 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 bought a new position in shares of Confluent during the third quarter valued at about $918,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Confluent by 2.9% in the third 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 lifted 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 valued at $1,935,000 after acquiring an additional 49,699 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its holdings in Confluent by 152.4% during 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.

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.