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

Confluent (NASDAQ:CFLT) had its price target increased by stock analysts at Guggenheim from $35.00 to $37.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price objective suggests a potential upside of 19.24% from the stock’s current price.

A number of other analysts have also recently weighed in on CFLT. Truist Financial reiterated a “buy” rating and issued a $36.00 price objective (up from $33.00) on shares of Confluent in a research report on Wednesday. JPMorgan Chase & Co. lifted their price target on Confluent from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, February 8th. Stifel Nicolaus started coverage on Confluent in a research report on Wednesday, February 21st. They set a “buy” rating and a $40.00 price objective for the company. Mizuho lowered their target price on Confluent from $38.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, April 15th. Finally, Wells Fargo & Company boosted their price target on Confluent from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $32.88.

Confluent Stock Down 1.1 %

Shares of Confluent stock opened at $31.03 on Wednesday. The stock has a market capitalization of $9.70 billion, a price-to-earnings ratio of -21.11 and a beta of 0.93. Confluent has a twelve month low of $14.69 and a twelve month high of $41.22. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. The business’s 50 day simple moving average is $30.20 and its 200-day simple moving average is $26.28.

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

Insiders Place Their Bets

In other news, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction that occurred 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 sale, the chief technology officer now owns 532,072 shares in the company, valued at $16,600,646.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $32.46, for a total value of $7,546,950.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chad Verbowski sold 8,086 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the transaction, the chief technology officer now directly owns 532,072 shares in the company, valued at $16,600,646.40. The disclosure for this sale can be found here. Insiders sold a total of 732,173 shares of company stock worth $24,194,120 over the last ninety days. 13.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Confluent

A number of institutional investors have recently bought and sold shares of CFLT. Blair William & Co. IL lifted its position in shares of Confluent by 24.5% in the first quarter. Blair William & Co. IL now owns 17,800 shares of the company’s stock worth $543,000 after purchasing an additional 3,501 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Confluent by 20.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 154,939 shares of the company’s stock worth $4,729,000 after buying an additional 26,100 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Confluent by 19.6% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,501 shares of the company’s stock valued at $473,000 after buying an additional 2,542 shares during the period. ProShare Advisors LLC grew its holdings in shares of Confluent by 19.6% during the 1st quarter. ProShare Advisors LLC now owns 11,719 shares of the company’s stock valued at $358,000 after acquiring an additional 1,922 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Confluent by 0.7% in the first quarter. Russell Investments Group Ltd. now owns 260,808 shares of the company’s stock worth $7,960,000 after acquiring an additional 1,707 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.