Confluent (NASDAQ:CFLT) Coverage Initiated by Analysts at Oppenheimer

Oppenheimer started coverage on shares of Confluent (NASDAQ:CFLTFree Report) in a report published on Friday morning, Marketbeat reports. The brokerage issued an outperform rating and a $37.00 price objective on the stock.

CFLT has been the topic of several other reports. JMP Securities upped their price target on Confluent from $38.00 to $40.00 and gave the company a market outperform rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. lifted their price target on shares of Confluent from $23.00 to $27.00 and gave the company a neutral rating in a report on Thursday, February 8th. DA Davidson reiterated a buy rating and set a $37.00 price objective on shares of Confluent in a research note on Monday, April 1st. Mizuho decreased their target price on Confluent from $38.00 to $36.00 and set a buy rating for the company in a research note on Monday, April 15th. Finally, The Goldman Sachs Group increased their price target on Confluent from $27.00 to $30.00 and gave the stock a neutral rating in a research report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $33.04.

View Our Latest Stock Report on CFLT

Confluent Price Performance

NASDAQ CFLT traded up $0.70 on Friday, hitting $32.23. 2,645,770 shares of the stock traded hands, compared to its average volume of 4,109,078. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29. The stock has a 50-day moving average of $29.84 and a 200 day moving average of $26.45. Confluent has a twelve month low of $14.69 and a twelve month high of $41.22.

Insider Activity

In related news, Director Lara Caimi sold 9,375 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $31.00, for a total transaction of $290,625.00. Following the transaction, the director now owns 5,399 shares of the company’s stock, valued at $167,369. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $32.46, for a total value of $7,546,950.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lara Caimi sold 9,375 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $31.00, for a total value of $290,625.00. Following the sale, the director now directly owns 5,399 shares of the company’s stock, valued at approximately $167,369. The disclosure for this sale can be found here. Insiders have sold a total of 873,277 shares of company stock worth $28,572,424 in the last ninety days. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

A number of institutional investors and hedge funds have recently modified their holdings of the company. Invesco Ltd. raised its holdings in Confluent by 14.0% in the 3rd quarter. Invesco Ltd. now owns 3,824,055 shares of the company’s stock worth $113,230,000 after acquiring an additional 470,002 shares during the period. KADENSA CAPITAL Ltd bought a new stake in Confluent during the 3rd quarter valued at approximately $11,512,000. Victory Capital Management Inc. grew its holdings in Confluent by 20.2% in the 4th quarter. Victory Capital Management Inc. now owns 561,497 shares of the company’s stock valued at $13,139,000 after buying an additional 94,405 shares during the last quarter. Tower Research Capital LLC TRC increased its position in Confluent by 18,649.2% in 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 period. Finally, Northern Trust Corp lifted its holdings in shares of Confluent by 45.7% during the third quarter. Northern Trust Corp now owns 1,044,896 shares of the company’s stock worth $30,939,000 after buying an additional 327,940 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

About Confluent

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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.

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Analyst Recommendations for Confluent (NASDAQ:CFLT)

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