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

Confluent (NASDAQ:CFLTFree Report) had its price target increased by Guggenheim from $32.00 to $35.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other analysts have also recently issued reports about the company. Mizuho boosted their price target on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Needham & Company LLC reissued a “buy” rating and issued a $31.00 target price on shares of Confluent in a report on Friday, November 15th. UBS Group raised their price target on Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Citigroup upped their price target on shares of Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Finally, Stifel Nicolaus raised their price objective on shares of Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. One research 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $32.30.

Read Our Latest Research Report on Confluent

Confluent Stock Performance

Shares of CFLT stock opened at $29.68 on Friday. The company’s fifty day moving average price is $29.67 and its 200-day moving average price is $25.05. 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 12 month low of $17.79 and a 12 month high of $35.07.

Confluent (NASDAQ:CFLTGet Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The business had revenue of $250.20 million for the quarter, compared to analysts’ expectations of $243.98 million. Equities analysts expect that Confluent will post -0.9 earnings per share for the current year.

Insiders Place Their Bets

In other Confluent news, CAO Kong Phan sold 3,947 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the sale, the chief accounting officer now owns 179,939 shares in the company, valued at $5,171,446.86. This represents a 2.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $29.29, for a total value of $6,809,925.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $13,253,373.52. This trade represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,370,589 shares of company stock worth $127,326,348. Company insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. lifted its stake in shares of 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 buying an additional 1,607 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Confluent in the third quarter valued at about $68,000. GAMMA Investing LLC lifted its position in shares of Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after acquiring an additional 1,136 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Confluent by 36.4% in the fourth quarter. Pacer Advisors Inc. now owns 6,068 shares of the company’s stock worth $170,000 after acquiring an additional 1,619 shares during the period. Finally, DMC Group LLC purchased a new stake in shares of Confluent during the fourth quarter worth about $201,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Confluent Company Profile

(Get Free Report)

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.

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