The Vanguard Group, Inc. has recently announced that it has increased stake in Confluent Inc. (NASDAQ:CFLT) by 15.46%. After grabbing 10.77 million shares, the institutional investor is now in possession of 1.44 million shares of the Technology Company. The new investment brought the stake of investor firm to 7.63% having worth around $289.6 million. Moreover, JPMorgan Investment Management, I increased its share by 1.18 million to have a control over 10.57 million shares. And Fidelity Management & Research Co raised its holdings to 1.51 million shares by acquiring 5.38 million shares or 3.81% of the stake.
Confluent Inc. (CFLT) concluded trading on 11/23/22 at a closing price of $23.18, with 3.16 million shares of worth about $73.36 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 23.82% during that period and on Wednesday the price saw a gain of about 12.31%. Currently the company’s common shares owned by public are about 282.27M shares, out of which, 151.39M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 19 analysts are covering the CFLT stock and their offered price forecasts bring an average price target of $36.18. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $60.00 and could fall to a lowest price of $25.00. The stock’s current price level is 33.18% above of average price target set by the analysts, while a rise to estimated low would result in gain of 7.28% for the stock. However, touching the estimated high of $60.00 would mean a gain of 61.37% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 172 times over the past 12 months. They bought 34,772,070 shares in 65 of the transactions. In 107 selling transactions, insiders dumped 25,715,087 shares.
American Funds Small Cap World Fu, Vanguard Total Stock Market Index, and T Rowe Price Blue Chip Growth Fun are the top 3 mutual funds which are holding stakes in Confluent Inc. American Funds Small Cap World Fu is currently holding 6.65 million shares of worth totaling $178.83 million. The company recently came buying 0.0 shares which brought its stake up to 4.71% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 11353.0 shares, after which its hold over company’s outstanding shares expand to 2.39%, leaving 3.37 million shares with the mutual fund that have a worth of about $90.66 million. T Rowe Price Blue Chip Growth Fun, after selling 2.97 million shares, have now control over 2.11% of the stake in the company. It holds 16958.0 shares of worth $79.89 million.
Confluent Inc. (NASDAQ: CFLT) started trading at $20.80, above $0.16 from concluding price of the previous day. However, the stock later moved at a day high price of 23.50, or with a gain of 12.31%. Stock saw a price change of 3.07% in past 5 days and over the past one month there was a price change of -17.21%. Year-to-date (YTD), CFLT shares are showing a performance of -69.60% which decreased to -69.35% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $16.48 but also hit the highest price of $85.50 during that period. The average intraday trading volume for Confluent Inc. shares is 2.48 million. The stock is currently trading 1.37% above its 20-day simple moving average (SMA20), while that difference is down -2.88% for SMA50 and it goes to -21.40% lower than SMA200.
The Vanguard Group, Inc. acquired 10.77 million shares of Confluent Inc. having value of about $289.6 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 1.44 million shares in the company valued at close to $33441901.9, or have control over 15.46% stake in the company. Confluent Inc. (NASDAQ: CFLT) currently have 282.27M outstanding shares and institutions hold larger chunk of about 77.40% of that. Holding of mutual funds in the company is about 40.80% while other institutional holders and individual stake holders have control over 41.71% and 16.52% of the stake respectively.
The stock has a current market capitalization of $6.82B. It has posted earnings per share of -$1.67 in the same period. It has Quick Ratio of 5.70 while making debt-to-equity ratio of 1.38. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CFLT, volatility over the week remained 6.86% while standing at 8.60% over the month.
Analysts are in expectations that Confluent Inc. (CFLT) stock would likely to be making an EPS of -$0.17 in the current quarter, while forecast for next quarter EPS is -$0.17 and it is -$0.54 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.18 which is -$0.16 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.17 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -38.60% while it is estimated to increase by 21.50% in next year.
Analysts at 19 brokerage firms have issued recommendations for the Confluent Inc. (CFLT)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.40. Out of those 19 Wall Street analysts, 11 recommended a “Buy” rating, while 8 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Truist on September 30, 2022 offering a Buy rating for the stock and assigned a target price of $35 to it. Coverage by Scotiabank stated Confluent Inc. (CFLT) stock as a Sector outperform in their note to investors on June 09, 2022, suggesting a price target of $27 for the stock. On January 25, 2022, DA Davidson Upgrade their recommendations, while on January 11, 2022, Citigroup Resumed their ratings for the stock with a price target of $80. Stock get an Outperform rating from William Blair on November 18, 2021.