Confluent’s (CFLT) Buy Rating Reaffirmed at Guggenheim

Guggenheim reiterated their buy rating on shares of Confluent (NASDAQ:CFLT) in a report published 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. Evercore ISI initiated coverage on shares of Confluent in a research report on Tuesday, June 11th. They set an outperform rating and a $35.00 price target on the stock. Mizuho decreased their price target on shares of Confluent from $38.00 to $36.00 and set a buy rating for the company in a research report on Monday, April 15th. The Goldman Sachs Group upped their price objective on Confluent from $27.00 to $30.00 and gave the stock a neutral rating in a research report on Thursday, May 9th. Wells Fargo & Company lifted their target price on Confluent from $36.00 to $38.00 and gave the company an overweight rating in a report on Wednesday, May 8th. Finally, Oppenheimer started coverage on Confluent in a report on Friday, May 17th. They set an outperform rating and a $37.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $32.93.

Confluent Stock Performance

NASDAQ:CFLT opened at $27.12 on Tuesday. The stock has a market capitalization of $8.62 billion, a P/E ratio of -21.70 and a beta of 0.88. The company has a debt-to-equity ratio of 1.29, a quick ratio of 5.07 and a current ratio of 5.07. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $41.22. The company has a 50 day moving average price of $28.59 and a 200 day moving average price of $27.99.

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

Insiders Place Their Bets

In other news, CAO Ying Christina Liu sold 7,261 shares of Confluent stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.96, for a total transaction of $232,061.56. Following the completion of the sale, the chief accounting officer now directly owns 161,077 shares in the company, valued at approximately $5,148,020.92. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.00, for a total transaction of $1,975,599.00. Following the completion of the sale, the insider now owns 706,715 shares in the company, valued at approximately $21,908,165. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Ying Christina Liu sold 7,261 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $31.96, for a total transaction of $232,061.56. Following the completion of the transaction, 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. In the last 90 days, insiders have sold 632,725 shares of company stock worth $18,138,428. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of institutional investors have recently modified their holdings of CFLT. 1832 Asset Management L.P. purchased a new stake in Confluent in the 1st quarter worth approximately $181,075,000. Coatue Management LLC purchased a new stake in shares of Confluent in the fourth quarter valued at $134,132,000. Champlain Investment Partners LLC acquired a new position in Confluent in the first quarter valued at $144,563,000. Price T Rowe Associates Inc. MD lifted its position in Confluent by 17.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock worth $536,601,000 after buying an additional 2,587,169 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Confluent by 13.0% in 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. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.