Confluent (NASDAQ:CFLT) Stock Rating Upgraded by Wolfe Research

Posted by Defense World Staff on Nov 5th, 2023

Confluent (NASDAQ:CFLT – Get Free Report) was upgraded by stock analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research note issued to investors on Friday, MarketBeat Ratings reports. The firm currently has a $21.00 target price on the stock. Wolfe Research’s price objective suggests a potential upside of 18.31% from the company’s previous close.

A number of other research analysts have also issued reports on the stock. Guggenheim upgraded shares of Confluent from a “neutral” rating to a “buy” rating and set a $23.00 price target on the stock in a research note on Friday. Needham & Company LLC reissued a “buy” rating and set a $45.00 price target on shares of Confluent in a report on Monday, September 25th. Capital One Financial started coverage on shares of Confluent in a research report on Monday, October 9th. They set an “equal weight” rating and a $35.00 price objective for the company. William Blair reiterated an “outperform” rating on shares of Confluent in a research report on Thursday, September 28th. Finally, Canaccord Genuity Group started coverage on shares of Confluent in a research report on Friday, September 1st. They issued a “buy” rating and a $40.00 target price for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.12.

Check Out Our Latest Research Report on Confluent

Confluent Price Performance

CFLT stock opened at $17.75 on Friday. Confluent has a 52 week low of $14.69 and a 52 week high of $41.22. The company has a quick ratio of 5.05, a current ratio of 5.05 and a debt-to-equity ratio of 1.43. The company has a fifty day simple moving average of $30.00 and a two-hundred day simple moving average of $30.91. The firm has a market capitalization of $5.37 billion, a P/E ratio of -11.53 and a beta of 1.03.

Confluent (NASDAQ:CFLT – Get Free Report) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported ($0.32) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.01. The company had revenue of $189.29 million during the quarter, compared to analyst estimates of $182.18 million. Confluent had a negative net margin of 62.06% and a negative return on equity of 51.32%. Analysts anticipate that Confluent will post -1.09 earnings per share for the current fiscal year.

Insider Activity at Confluent

In related news, Director Jonathan Chadwick sold 16,625 shares of Confluent stock in a transaction on Monday, September 11th. The shares were sold at an average price of $33.79, for a total value of $561,758.75. Following the transaction, the director now directly owns 14,203 shares in the company, valued at approximately $479,919.37. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Jonathan Chadwick sold 16,625 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $33.79, for a total value of $561,758.75. Following the completion of the transaction, the director now owns 14,203 shares of the company’s stock, valued at approximately $479,919.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chad Verbowski sold 8,745 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $32.14, for a total transaction of $281,064.30. Following the transaction, the chief technology officer now directly owns 435,322 shares of the company’s stock, valued at approximately $13,991,249.08. The disclosure for this sale can be found here. Insiders have sold a total of 511,027 shares of company stock worth $16,989,244 in the last three months. Insiders own 22.08% of the company’s stock.

Hedge Funds Weigh In On Confluent

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank Julius Baer & Co. Ltd Zurich increased its position in Confluent by 53,625.3% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 27,388,060 shares of the company’s stock worth $967,072,000 after buying an additional 27,337,082 shares during the period. Altimeter Capital Management LP boosted its stake in Confluent by 11.5% during the first quarter. Altimeter Capital Management LP now owns 14,491,817 shares of the company’s stock valued at $348,818,000 after buying an additional 1,496,443 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Confluent by 18.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,476,920 shares of the company’s stock valued at $300,320,000 after buying an additional 1,938,668 shares in the last quarter. Vanguard Group Inc. boosted its stake in Confluent by 15.6% during the third quarter. Vanguard Group Inc. now owns 10,877,130 shares of the company’s stock valued at $258,549,000 after buying an additional 1,470,650 shares in the last quarter. Finally, BlackRock Inc. boosted its position in shares of Confluent by 1.0% in the 3rd quarter. BlackRock Inc. now owns 8,189,217 shares of the company’s stock valued at $194,656,000 after purchasing an additional 78,339 shares during the period. 59.30% of the stock is currently owned by hedge funds and other institutional investors.

Confluent Company Profile

(Get Free Report)

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.