Confluent (NASDAQ:CFLT) Given New $35.00 Price Target at Guggenheim

Confluent (NASDAQ:CFLT) had its price target raised by Guggenheim from $32.00 to $35.00 in a report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

CFLT has been the subject of a number of other reports. Robert W. Baird raised their target price on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Scotiabank lifted their price objective on shares of Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. Royal Bank of Canada upped their target price on shares of Confluent from $33.00 to $36.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company lifted their price target on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, TD Cowen upped their price objective on Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $32.30.

Confluent Stock Performance

Shares of Confluent stock opened at $29.68 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent has a twelve month low of $17.79 and a twelve month high of $35.07. The business has a 50-day moving average price of $29.67 and a 200-day moving average price of $25.05.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.03. The business had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. As a group, sell-side analysts predict that Confluent will post -0.9 earnings per share for the current year.

Insider Buying and Selling at Confluent

In related news, Director Michelangelo Volpi sold 477,952 shares of Confluent stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $26.41, for a total value of $12,622,712.32. Following the completion of the sale, the director now directly owns 317,079 shares in the company, valued at $8,374,056.39. The trade was a 60.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the company’s 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 sale, the insider now directly owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. This trade represents a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,370,589 shares of company stock valued at $127,326,348 in the last ninety days. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of large investors have recently bought and sold shares of CFLT. Blue Trust Inc. boosted its position in Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after acquiring an additional 1,607 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Confluent during the 3rd quarter worth $68,000. GAMMA Investing LLC boosted its position in Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after purchasing an additional 1,136 shares in the last quarter. Pacer Advisors Inc. grew its stake in Confluent by 36.4% in the fourth quarter. Pacer Advisors Inc. now owns 6,068 shares of the company’s stock valued at $170,000 after purchasing an additional 1,619 shares during the last quarter. Finally, DMC Group LLC bought a new position in Confluent in the fourth quarter worth about $201,000. 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.