Guggenheim Raises Confluent (NASDAQ:CFLT) Price Target to $37.00

Confluent (NASDAQ:CFLT) had its target price increased by stock analysts at Guggenheim from $35.00 to $37.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s target price would indicate a potential upside of 19.24% from the stock’s current price.

A number of other brokerages have also recently issued reports on CFLT. Loop Capital began coverage on shares of Confluent in a research note on Tuesday, January 30th. They issued a “hold” rating and a $23.00 price objective on the stock. Truist Financial reaffirmed a “buy” rating and set a $36.00 price objective (up from $33.00) on shares of Confluent in a research note on Wednesday. DA Davidson reissued a “buy” rating and issued a $37.00 target price on shares of Confluent in a research note on Monday, April 1st. JMP Securities boosted their target price on Confluent from $25.00 to $38.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 8th. Finally, Barclays upped their price target on Confluent from $26.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $32.88.

Confluent Trading Down 1.1 %

Shares of CFLT opened at $31.03 on Wednesday. The stock’s fifty day simple moving average is $30.20 and its 200-day simple moving average is $26.28. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.34. The firm has a market capitalization of $9.70 billion, a PE ratio of -21.11 and a beta of 0.93. Confluent has a 12-month low of $14.69 and a 12-month high of $41.22.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share (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 business had revenue of $213.18 million for the quarter, compared to analyst estimates of $204.62 million. As a group, research analysts predict that Confluent will post -0.92 earnings per share for the current year.

Insider Activity at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $32.46, for a total transaction of $7,546,950.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $32.46, for a total value of $7,546,950.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Chad Verbowski sold 8,086 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total transaction of $252,283.20. Following the completion of the transaction, the chief technology officer now directly owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 732,173 shares of company stock valued at $24,194,120. 13.82% of the stock is owned by insiders.

Institutional Trading of Confluent

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hollencrest Capital Management bought a new position in Confluent in the first quarter valued at approximately $26,000. Rakuten Securities Inc. acquired a new stake in shares of Confluent in the 4th quarter valued at approximately $31,000. Quest Partners LLC bought a new position in shares of Confluent in the fourth quarter valued at $31,000. GAMMA Investing LLC acquired a new position in Confluent during the fourth quarter worth $35,000. Finally, UniSuper Management Pty Ltd bought a new stake in Confluent during the third quarter worth $36,000. Institutional investors and hedge funds 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.