Confluent, Inc. (NASDAQ:CFLT – Get Free Report) reached a new 52-week high on Friday . The stock traded as high as $37.99 and last traded at $37.43, with a volume of 441146 shares trading hands. The stock had previously closed at $36.96.
Wall Street Analyst Weigh In
Several equities analysts recently weighed in on the company. Mizuho raised their price objective on Confluent from $28.00 to $40.00 in a research note on Wednesday, June 14th. Guggenheim cut Confluent from a “buy” rating to a “neutral” rating in a report on Wednesday, June 14th. Truist Financial increased their target price on Confluent from $30.00 to $42.00 in a report on Wednesday, June 14th. Needham & Company LLC increased their target price on Confluent from $35.00 to $45.00 in a report on Monday, June 12th. Finally, Morgan Stanley upgraded Confluent from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $29.00 to $30.00 in a report on Wednesday, April 12th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.60.
Confluent Stock Down 1.3 %
The stock has a market cap of $10.80 billion, a price-to-earnings ratio of -21.20 and a beta of 1.00. The company has a quick ratio of 5.27, a current ratio of 5.27 and a debt-to-equity ratio of 1.46. The stock has a fifty day moving average of $31.89 and a two-hundred day moving average of $26.17.
Insider Activity at Confluent
In other Confluent news, Director Michelangelo Volpi sold 637,268 shares of the firm’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $23.00, for a total value of $14,657,164.00. Following the transaction, the director now directly owns 157,401 shares of the company’s stock, valued at $3,620,223. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Confluent news, insider Erica Schultz sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $36.11, for a total value of $3,611,000.00. Following the transaction, the insider now directly owns 479,537 shares of the company’s stock, valued at $17,316,081.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michelangelo Volpi sold 637,268 shares of the firm’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $23.00, for a total value of $14,657,164.00. Following the completion of the transaction, the director now directly owns 157,401 shares in the company, valued at $3,620,223. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,875,086 shares of company stock worth $53,402,295. 22.08% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the stock. Sands Capital Ventures LLC purchased a new stake in shares of Confluent during the fourth quarter worth about $30,000. Advisors Asset Management Inc. purchased a new stake in shares of Confluent during the first quarter worth about $30,000. UMB Bank n.a. increased its position in shares of Confluent by 703.5% during the fourth quarter. UMB Bank n.a. now owns 1,856 shares of the company’s stock worth $41,000 after acquiring an additional 1,625 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Confluent during the first quarter worth about $42,000. Finally, Geneos Wealth Management Inc. purchased a new stake in shares of Confluent during the first quarter worth about $43,000. 49.64% of the stock is 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 offers Confluent Cloud, a managed cloud-native service for connecting and processing real-time data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data.
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