Confluent (NASDAQ:CFLT) Shares Gap Up Following Analyst Upgrade

Confluent, Inc. (NASDAQ:CFLTGet Rating)’s share price gapped up prior to trading on Thursday after DA Davidson raised their price target on the stock from $38.00 to $44.00. The stock had previously closed at $29.02, but opened at $31.74. Confluent shares last traded at $31.09, with a volume of 21,053 shares.

Several other equities research analysts also recently commented on CFLT. Morgan Stanley boosted their target price on Confluent from $39.00 to $42.00 and gave the stock an “equal weight” rating in a report on Thursday. Citigroup upped their price target on Confluent from $26.00 to $32.00 in a report on Thursday. The Goldman Sachs Group lowered their price target on Confluent from $75.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, April 14th. Piper Sandler lowered their price target on Confluent from $40.00 to $34.00 in a report on Wednesday, July 13th. Finally, Scotiabank began coverage on Confluent in a report on Wednesday, June 8th. They set an “outperform” rating and a $27.00 price target on the stock. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $48.31.

Insider Activity at Confluent

In other news, major shareholder Brad Gerstner acquired 98,500 shares of Confluent stock in a transaction that occurred on Monday, May 16th. The stock was bought at an average price of $20.28 per share, for a total transaction of $1,997,580.00. Following the completion of the transaction, the insider now owns 14,423,457 shares in the company, valued at $292,507,707.96. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Confluent news, Director Michelangelo Volpi sold 21,058 shares of the company’s stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $18.28, for a total value of $384,940.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Brad Gerstner purchased 98,500 shares of Confluent stock in a transaction on Monday, May 16th. The stock was bought at an average price of $20.28 per share, with a total value of $1,997,580.00. Following the transaction, the insider now owns 14,423,457 shares of the company’s stock, valued at $292,507,707.96. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 26,547 shares of company stock worth $485,245. 27.94% of the stock is owned by insiders.

Institutional Trading of Confluent

Hedge funds and other institutional investors have recently bought and sold shares of the stock. UNC Management Company Inc. purchased a new stake in Confluent in the fourth quarter worth about $3,728,000. Kensington Investment Counsel LLC purchased a new stake in Confluent in the fourth quarter worth about $1,375,000. Acadian Asset Management LLC purchased a new stake in Confluent in the fourth quarter worth about $74,000. D L Carlson Investment Group Inc. purchased a new stake in Confluent in the fourth quarter worth about $4,068,000. Finally, TENOR CAPITAL MANAGEMENT Co. L.P. purchased a new stake in shares of Confluent during the fourth quarter worth about $5,718,000. Hedge funds and other institutional investors own 37.20% of the company’s stock.

Confluent Price Performance

The company has a debt-to-equity ratio of 1.29, a current ratio of 6.64 and a quick ratio of 6.64. The firm has a 50-day moving average of $23.60 and a 200-day moving average of $35.26. The stock has a market cap of $9.00 billion, a PE ratio of -16.58 and a beta of 1.30.

Confluent (NASDAQ:CFLTGet Rating) last released its earnings results on Thursday, May 5th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.01. Confluent had a negative return on equity of 42.75% and a negative net margin of 94.12%. The firm had revenue of $126.10 million during the quarter, compared to analysts’ expectations of $118.49 million. During the same quarter last year, the business posted ($0.29) earnings per share. The firm’s revenue was up 63.8% on a year-over-year basis. Research analysts predict that Confluent, Inc. will post -1.64 EPS for the current year.

About Confluent

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Confluent, Inc operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data in real-time with the foundational platform for data in motion.

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