Canaccord Genuity Group Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its price target raised by Canaccord Genuity Group from $34.00 to $38.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on CFLT. Morgan Stanley reaffirmed an “equal weight” rating and set a $30.00 price target (down from $33.00) on shares of Confluent in a report on Thursday, January 16th. Citigroup increased their price target on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. JPMorgan Chase & Co. boosted their price objective on Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Piper Sandler increased their target price on Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Stifel Nicolaus boosted their price target on Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Confluent currently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Confluent Stock Down 3.8 %

Shares of CFLT opened at $34.85 on Wednesday. The firm has a 50 day simple moving average of $29.67 and a two-hundred day simple moving average of $25.52. 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 one year low of $17.79 and a one year high of $37.90. The company has a market cap of $11.43 billion, a P/E ratio of -31.40 and a beta of 0.92.

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%. Research analysts forecast that Confluent will post -0.9 EPS for the current fiscal year.

Insider Activity

In other Confluent news, Director Matthew Craig Miller sold 541,850 shares of Confluent stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $30.32, for a total value of $16,428,892.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Kong Phan sold 2,096 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $59,170.08. Following the transaction, the chief accounting officer now owns 190,680 shares in the company, valued at $5,382,896.40. This represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,508,636 shares of company stock worth $47,198,798 in the last quarter. 13.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Confluent

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Confluent by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock valued at $694,207,000 after purchasing an additional 599,582 shares in the last quarter. Champlain Investment Partners LLC increased its position in shares of Confluent by 1.3% during the fourth quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock worth $302,940,000 after acquiring an additional 133,908 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Confluent by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock worth $123,339,000 after acquiring an additional 84,163 shares during the last quarter. Jericho Capital Asset Management L.P. raised its holdings in shares of Confluent by 18.1% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock worth $83,880,000 after acquiring an additional 459,000 shares during the last quarter. Finally, Norges Bank bought a new position in Confluent in the 4th quarter valued at about $81,092,000. Institutional investors own 78.09% of the company’s stock.

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.