Confluent (NASDAQ:CFLT) Stock Rating Reaffirmed by Guggenheim

Guggenheim reiterated their buy rating on shares of Confluent (NASDAQ:CFLT) in a report released on Tuesday morning, Benzinga reports. They currently have a $37.00 price objective on the stock.

CFLT has been the topic of several other research reports. JMP Securities raised their price target on shares of Confluent from $38.00 to $40.00 and gave the stock a market outperform rating in a research note on Wednesday, May 8th. Royal Bank of Canada reaffirmed an outperform rating and set a $40.00 target price on shares of Confluent in a research report on Tuesday, June 4th. Canaccord Genuity Group upgraded Confluent from a hold rating to a buy rating and boosted their price target for the company from $28.00 to $35.00 in a report on Wednesday, May 8th. Oppenheimer initiated coverage on Confluent in a report on Friday, May 17th. They set an outperform rating and a $37.00 price objective on the stock. Finally, Wells Fargo & Company upped their target price on Confluent from $36.00 to $38.00 and gave the stock an overweight rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $32.93.

Confluent Price Performance

CFLT stock opened at $29.53 on Tuesday. The stock has a market cap of $9.39 billion, a PE ratio of -23.62 and a beta of 0.88. Confluent has a 12 month low of $14.69 and a 12 month high of $41.22. The company has a 50-day moving average price of $28.68 and a 200 day moving average price of $28.05. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. The business had revenue of $217.24 million for the quarter, compared to analysts’ expectations of $211.57 million. Equities research analysts anticipate that Confluent will post -0.94 earnings per share for the current year.

Insider Activity

In other Confluent news, CAO Ying Christina Liu sold 7,261 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $31.96, for a total value of $232,061.56. Following the transaction, the chief accounting officer now owns 161,077 shares in the company, valued at approximately $5,148,020.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CMO Stephanie Buscemi sold 3,794 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $31.96, for a total transaction of $121,256.24. Following the transaction, the chief marketing officer now directly owns 165,539 shares in the company, valued at approximately $5,290,626.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Ying Christina Liu sold 7,261 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.96, for a total value of $232,061.56. Following the completion of the sale, the chief accounting officer now directly owns 161,077 shares of the company’s stock, valued at approximately $5,148,020.92. The disclosure for this sale can be found here. Insiders have sold a total of 632,725 shares of company stock worth $18,138,428 over the last quarter. 13.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Confluent

Several large investors have recently added to or reduced their stakes in CFLT. 1832 Asset Management L.P. acquired a new position in shares of Confluent during the 1st quarter valued at about $181,075,000. Coatue Management LLC acquired a new position in Confluent in the 4th quarter valued at about $134,132,000. Champlain Investment Partners LLC purchased a new stake in shares of Confluent in the 1st quarter valued at approximately $144,563,000. Price T Rowe Associates Inc. MD grew its stake in shares of Confluent by 17.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after buying an additional 2,587,169 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Confluent by 13.0% during the 3rd quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock worth $545,546,000 after buying an additional 2,125,843 shares during the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

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.