Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, Guggenheim Analyst Says

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

A number of other brokerages have also weighed in on CFLT. 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 research report on Thursday, October 31st. Needham & Company LLC upped their target price on Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday. Truist Financial increased their target price on Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Citigroup boosted their price target on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Finally, UBS Group raised their price objective on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $33.89.

Confluent Price Performance

CFLT traded up $5.74 on Wednesday, hitting $35.84. 6,831,745 shares of the stock were exchanged, compared to its average volume of 4,362,035. The business has a 50-day moving average of $29.49 and a two-hundred day moving average of $25.28. The firm has a market capitalization of $11.75 billion, a price-to-earnings ratio of -31.92 and a beta of 0.92. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. Confluent has a 12 month low of $17.79 and a 12 month high of $35.72.

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

Insider Transactions at Confluent

In other Confluent news, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the completion of the transaction, the insider now owns 687,483 shares in the company, valued at approximately $18,837,034.20. The trade was a 8.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Craig Miller sold 541,850 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $30.32, for a total value of $16,428,892.00. The disclosure for this sale can be found here. Insiders have sold 1,508,636 shares of company stock valued at $47,198,798 over the last ninety days. 13.82% of the stock is owned by company insiders.

Institutional Trading of Confluent

Several institutional investors have recently made changes to their positions in CFLT. Quantbot Technologies LP lifted its position in shares of Confluent by 1,465.6% during the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock valued at $617,000 after purchasing an additional 28,360 shares in the last quarter. Pathway Capital Management LP purchased a new stake in Confluent in the 3rd quarter valued at about $918,000. Charles Schwab Investment Management Inc. lifted its position 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 in the last quarter. Creative Planning boosted 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 worth $1,935,000 after buying an additional 49,699 shares during the last quarter. Finally, Oppenheimer & Co. Inc. grew its holdings in shares of Confluent by 152.4% in the third 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 in the last quarter. Institutional investors own 78.09% of the company’s stock.

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.