Confluent (NASDAQ:CFLT) Rating Increased to Buy at Canaccord Genuity Group

Confluent (NASDAQ:CFLT) was upgraded by stock analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a report issued on Wednesday, Briefing.com reports. The brokerage currently has a $35.00 price target on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 25.76% from the company’s previous close.

A number of other analysts have also commented on the stock. Barclays boosted their price target on shares of Confluent from $26.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. Loop Capital began coverage on Confluent in a report on Tuesday, January 30th. They set a “hold” rating and a $23.00 price target on the stock. JPMorgan Chase & Co. raised their target price on Confluent from $23.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, February 8th. Mizuho cut their target price 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. Finally, Scotiabank upped their price target on shares of Confluent from $22.00 to $28.00 and gave the company a “sector perform” rating in a research note on Thursday, February 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

Confluent Stock Performance

Shares of CFLT stock opened at $27.83 on Wednesday. The firm has a market capitalization of $8.70 billion, a PE ratio of -18.93 and a beta of 0.93. The firm has a fifty day simple moving average of $30.34 and a two-hundred day simple moving average of $26.25. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. Confluent has a 12 month low of $14.69 and a 12 month high of $41.22.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The business had revenue of $213.18 million for the quarter, compared to the consensus estimate of $204.62 million. Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. Analysts forecast that Confluent will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Chad Verbowski sold 8,086 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the transaction, the chief technology officer now directly owns 532,072 shares in the company, valued at $16,600,646.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $31.75, for a total value of $2,023,395.75. Following the completion of the transaction, the insider now directly owns 479,537 shares in the company, valued at $15,225,299.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chad Verbowski sold 8,086 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total transaction of $252,283.20. Following the sale, the chief technology officer now owns 532,072 shares of the company’s stock, valued at $16,600,646.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,433,170 shares of company stock worth $46,438,029. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

A number of institutional investors have recently modified their holdings of CFLT. Hollencrest Capital Management bought a new position in Confluent in the first quarter worth about $26,000. Rakuten Securities Inc. bought a new position in Confluent in the fourth quarter worth about $31,000. Quest Partners LLC bought a new position in Confluent in the fourth quarter worth about $31,000. GAMMA Investing LLC bought a new position in Confluent in the fourth quarter worth about $35,000. Finally, UniSuper Management Pty Ltd bought a new position in Confluent in the third quarter worth about $36,000. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

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.