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

Canaccord Genuity Group upgraded shares of Confluent (NASDAQ:CFLT) from a hold rating to a buy rating in a research report sent to investors on Wednesday, MarketBeat Ratings reports. The firm currently has $35.00 target price on the stock.

Other equities analysts have also issued reports about the company. Royal Bank of Canada lifted their price objective on Confluent from $35.00 to $37.00 and gave the stock an outperform rating in a research note on Wednesday, February 14th. Wells Fargo & Company upped their price target on Confluent from $30.00 to $36.00 and gave the company an overweight rating in a research report on Thursday, February 8th. Needham & Company LLC boosted their target price on Confluent from $35.00 to $38.00 and gave the stock a buy rating in a report on Friday, March 22nd. The Goldman Sachs Group increased their price objective on shares of Confluent from $24.00 to $27.00 and gave the stock a neutral rating in a report on Thursday, February 8th. Finally, 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. One research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $32.77.

Confluent Trading Up 12.8 %

Confluent stock opened at $31.38 on Wednesday. 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 has a 1 year low of $14.69 and a 1 year high of $41.22. The firm has a market cap of $9.81 billion, a price-to-earnings ratio of -21.35 and a beta of 0.93. The firm’s 50 day moving average price is $30.20 and its two-hundred day moving average price is $26.28.

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). The company had revenue of $213.18 million during the quarter, compared to analysts’ expectations of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. On average, research analysts predict that Confluent will post -0.92 EPS for the current fiscal year.

Insider Activity at Confluent

In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction dated 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 sale, the chief technology officer now owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Michelangelo Volpi sold 637,268 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $31.73, for a total value of $20,220,513.64. Following the completion of the transaction, the director now owns 302,306 shares of the company’s stock, valued at $9,592,169.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction dated Wednesday, March 20th. The stock was 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 in the company, valued at $16,600,646.40. The disclosure for this sale can be found here. Over the last three months, insiders have 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 and hedge funds have recently made changes to their positions in the company. Invesco Ltd. raised its position in 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 purchasing an additional 470,002 shares in the last quarter. KADENSA CAPITAL Ltd acquired a new position in shares of Confluent during the 3rd quarter worth $11,512,000. Tower Research Capital LLC TRC lifted its position in shares of Confluent by 18,649.2% during the 3rd 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 boosted its stake in Confluent by 45.7% in the third quarter. Northern Trust Corp now owns 1,044,896 shares of the company’s stock valued at $30,939,000 after buying an additional 327,940 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Confluent by 13.0% in the third quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock valued at $545,546,000 after acquiring an additional 2,125,843 shares during the last quarter. Institutional investors 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.