Confluent (NASDAQ:CFLT) Upgraded at Canaccord Genuity Group

Confluent (NASDAQ:CFLT) was upgraded by Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Benzinga reports. The firm presently has a $35.00 target price on the stock, up from their prior target price of $28.00. Canaccord Genuity Group’s price target would suggest a potential upside of 25.76% from the company’s current price.

CFLT has been the topic of several other reports. Stifel Nicolaus assumed coverage on Confluent in a research report on Wednesday, February 21st. They set a “buy” rating and a $40.00 price target on the stock. Scotiabank boosted their price target on shares of Confluent from $22.00 to $28.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 8th. Wells Fargo & Company raised their price objective on shares of Confluent from $30.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, February 8th. DA Davidson reiterated a “buy” rating and issued a $37.00 target price on shares of Confluent in a report on Monday, April 1st. Finally, Needham & Company LLC raised their target price on shares of Confluent from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $31.36.

Confluent Stock Down 2.8 %

Confluent stock opened at $27.83 on Wednesday. The company’s 50-day moving average price is $30.34 and its two-hundred day moving average price is $26.25. The stock has a market cap of $8.70 billion, a price-to-earnings ratio of -18.93 and a beta of 0.93. Confluent has a 52 week low of $14.69 and a 52 week 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.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. The company had revenue of $213.18 million for the quarter, compared to analyst estimates of $204.62 million. On average, analysts expect that Confluent will post -0.92 EPS for the current fiscal year.

Insider Transactions at Confluent

In related news, CTO Chad Verbowski sold 8,086 shares of Confluent stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total transaction of $252,283.20. Following the completion of the sale, the chief technology officer now owns 532,072 shares of the company’s stock, valued at $16,600,646.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total value of $252,283.20. Following the transaction, the chief technology officer now owns 532,072 shares in the company, valued at $16,600,646.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michelangelo Volpi sold 637,268 shares of Confluent stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $31.73, for a total transaction of $20,220,513.64. Following the completion of the sale, the director now owns 302,306 shares of the company’s stock, valued at $9,592,169.38. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,433,170 shares of company stock valued at $46,438,029. 13.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Confluent

Large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. lifted its position 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 buying an additional 1,707 shares during the last quarter. Inspire Investing LLC bought a new position in shares of Confluent in the 1st quarter valued at approximately $1,522,000. Highland Capital Management LLC acquired a new stake in Confluent in the 1st quarter worth approximately $1,181,000. Oppenheimer & Co. Inc. boosted its position in Confluent by 86.0% during the first quarter. Oppenheimer & Co. Inc. now owns 23,670 shares of the company’s stock worth $722,000 after purchasing an additional 10,944 shares during the period. Finally, Regents of The University of California bought a new position in shares of Confluent in the first quarter valued at approximately $842,000. 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.