Confluent (NASDAQ:CFLT) Stock Rating Upgraded by Canaccord Genuity Group

Confluent (NASDAQ:CFLT - Get Free Report) was upgraded by equities research analysts at Canaccord Genuity Group from a "hold" rating to a "buy" rating in a research report issued on Wednesday, Marketbeat reports. The brokerage presently has a $35.00 target price on the stock, up from their previous target price of $28.00. Canaccord Genuity Group's target price would suggest a potential upside of 11.54% from the stock's current price.

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. upped their target price on Confluent from $23.00 to $27.00 and gave the stock a "neutral" rating in a research report on Thursday, February 8th. Barclays lifted their price objective on shares of Confluent from $26.00 to $33.00 and gave the company an "overweight" rating in a report on Thursday, February 8th. The Goldman Sachs Group upped their target price on shares of Confluent from $24.00 to $27.00 and gave the stock a "neutral" rating in a report on Thursday, February 8th. UBS Group lifted their price target on Confluent from $21.00 to $26.00 and gave the company a "neutral" rating in a research note on Monday, February 5th. Finally, Mizuho decreased their price objective on Confluent from $38.00 to $36.00 and set a "buy" rating for the company in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, Confluent has an average rating of "Moderate Buy" and an average price target of $32.77.

Confluent Trading Up 12.8 %

Shares of Confluent stock traded up $3.55 on Wednesday, hitting $31.38. 11,941,395 shares of the company's stock traded hands, compared to its average volume of 4,853,520. The company has a market capitalization of $9.81 billion, a price-to-earnings ratio of -20.60 and a beta of 0.93. The company has a fifty day moving average of $30.23 and a two-hundred day moving average of $26.24. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62. Confluent has a one year low of $14.69 and a one year high of $41.22.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly 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 business had revenue of $213.18 million for the quarter, compared to the consensus estimate of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. As a group, sell-side analysts expect that Confluent will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO Chad Verbowski sold 8,086 shares of the business's 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 completion of the transaction, the chief technology officer now owns 532,072 shares of the company's stock, valued at $16,600,646.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Erica Schultz sold 63,729 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $31.75, for a total value of $2,023,395.75. Following the transaction, the insider now owns 479,537 shares of the company's stock, valued at $15,225,299.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Chad Verbowski sold 8,086 shares of the firm'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 sale, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. Insiders have sold 1,433,170 shares of company stock worth $46,438,029 in the last ninety days. 13.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Confluent

A number of hedge funds and other institutional investors have recently modified their holdings of CFLT. Hollencrest Capital Management bought a new stake in Confluent in the 1st quarter worth approximately $26,000. Rakuten Securities Inc. purchased a new position in shares of Confluent during the fourth quarter worth approximately $31,000. Quest Partners LLC purchased a new position in shares of Confluent during the fourth quarter worth approximately $31,000. GAMMA Investing LLC bought a new stake in shares of Confluent in the 4th quarter worth approximately $35,000. Finally, UniSuper Management Pty Ltd purchased a new stake in shares of Confluent in the 3rd quarter valued at $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.