Confluent (NASDAQ:CFLT) Upgraded by Canaccord Genuity Group to “Buy”

Canaccord Genuity Group upgraded shares of Confluent (NASDAQ:CFLT) from a hold rating to a buy rating in a research note published on Wednesday morning, Marketbeat Ratings reports. The firm currently has $35.00 price objective on the stock.

Several other research firms have also issued reports on CFLT. Stifel Nicolaus assumed coverage on shares of Confluent in a report on Wednesday, February 21st. They issued a buy rating and a $40.00 target price for the company. DA Davidson restated a buy rating and set a $37.00 target price on shares of Confluent in a research report on Monday, April 1st. UBS Group increased their price target on Confluent from $21.00 to $26.00 and gave the stock a neutral rating in a report on Monday, February 5th. JMP Securities boosted their price objective on Confluent from $25.00 to $38.00 and gave the company a market outperform rating in a report on Thursday, February 8th. Finally, Mizuho cut their price objective on Confluent from $38.00 to $36.00 and set a buy rating on the stock in a research report on Monday, April 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $32.77.

Confluent Price Performance

Shares of Confluent stock opened at $31.38 on Wednesday. The stock has a 50 day moving average price of $30.20 and a 200-day moving average price of $26.28. Confluent has a one year low of $14.69 and a one year high of $41.22. The stock has a market cap of $9.81 billion, a price-to-earnings ratio of -21.35 and a beta of 0.93. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) EPS 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 firm had revenue of $213.18 million for the quarter, compared to analysts’ expectations of $204.62 million. Equities analysts expect that Confluent will post -0.92 EPS for the current year.

Insider Activity

In related news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the completion of the sale, the insider now directly owns 479,537 shares in the company, valued at approximately $15,225,299.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Ying Christina Liu sold 4,109 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $132,104.35. Following the sale, the chief accounting officer now directly owns 123,497 shares in the company, valued at approximately $3,970,428.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the transaction, the insider now owns 479,537 shares of the company’s stock, valued at approximately $15,225,299.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,433,170 shares of company stock worth $46,438,029. 13.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Confluent

Several institutional investors have recently bought and sold shares of the company. Invesco Ltd. increased its holdings in shares of Confluent by 14.0% during the third quarter. Invesco Ltd. now owns 3,824,055 shares of the company’s stock valued at $113,230,000 after acquiring an additional 470,002 shares in the last quarter. KADENSA CAPITAL Ltd acquired a new position in Confluent during the 3rd quarter valued at approximately $11,512,000. Tower Research Capital LLC TRC raised its holdings in shares of Confluent by 18,649.2% in the third quarter. Tower Research Capital LLC TRC now owns 12,187 shares of the company’s stock worth $361,000 after buying an additional 12,122 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Confluent by 45.7% during the third quarter. Northern Trust Corp now owns 1,044,896 shares of the company’s stock worth $30,939,000 after buying an additional 327,940 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Confluent by 13.0% during the third quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock valued at $545,546,000 after buying an additional 2,125,843 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.