The Vanguard Group, Inc. recently announced the acquisition of new stake in Confluent Inc (NASDAQ:CFLT). The institutional investor has increased its shareholding in the Technology company by 12.42% to 18.16 million shares with purchase of 2.01 million shares. This fresh investment now brings its stake to 8.57% valued currently at $525.02 million. In addition, Altimeter Capital Management LP raised its holdings by 0.31 million to 16.61 million shares. And Fidelity Management & Research Co has lifted its position by 8.87% or 1.31 million shares – to 16.12 million shares.
With over 4.32 million Confluent Inc (CFLT) shares trading Tuesday and a closing price of $22.41 on the day, the dollar volume was approximately $96.91 million. The shares have shown a negative half year performance of -39.66% and its price on 12/12/23 lost nearly -0.97%. Currently, there are 307.88M common shares owned by the public and among those 206.74M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 27 analysts who have offered their price forecasts for CFLT have a consensus price objective of $24.61. The analysts have set the share’s price value over the next 12 months at a high of $34.00 and a low of $19.00. The average price target is 8.94% above its recent price level and a downside to the estimated low will see the stock lose -17.95% over that period. But an upside of 34.09% will see the stock hit the forecast high price target while median target price for the stock is $24.00.
Insiders at the company have transacted a total of 256 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 112 of these insider trades were purchases, accounting for 32,704,461 shares. Insider sales of the common stock occurred on 144 occasions, with total insider shares sold totaling 34,300,149 shares.
The top 3 mutual fund holders in Confluent Inc are Vanguard Total Stock Market ETF, American Funds Small Cap World Fu, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market ETF owns 5.66 million shares of the company’s stock, all valued at over $163.5 million. The company bought an additional 9764.0 shares recently to bring their total holdings to about 2.67% of the shares outstanding. American Funds Small Cap World Fu sold -0.12 million shares to see its total holdings shrink to 5.59 million shares valued at over $161.58 million and representing 2.64% of the shares outstanding. Vanguard Small Cap Index Fund bought 10264.0 shares to bring its total holdings to over 4.65 million shares at a value of $134.32 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.19% of the shares outstanding.
Shares of Confluent Inc (NASDAQ: CFLT) opened at $22.70, up $0.07 from a prior closing price of $22.63. However, the script later moved the day high at 22.93, down -0.97%. The company’s stock has a 5-day price change of -3.98% and -33.20% over the past three months. CFLT shares are trading 0.76% year to date (YTD), with the 12-month market performance up to 3.37% higher. It has a 12-month low price of $14.69 and touched a high of $41.22 over the same period. CFLT has an average intraday trading volume of 5.41 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.81%, -7.23%, and -20.36% respectively.
Institutional ownership of Confluent Inc (NASDAQ: CFLT) shares accounts for 62.58% of the company’s 307.88M shares outstanding. Mutual fund holders own 40.16%, while other institutional holders and individual stakeholders account for 51.45% and 12.24% respectively.
It has a market capitalization of $6.90B and a beta (3y monthly) value of 0.67. The earnings-per-share (ttm) stands at -$1.54. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.60% over the week and 4.90% over the month.
Analysts forecast that Confluent Inc (CFLT) will achieve an EPS of $0.05 for the current quarter, $0.02 for the next quarter and $0.17 for 2024. The lowest estimate earnings-per-share for the quarter is $0.04 while analysts give the company a high EPS estimate of $0.06. Comparatively, EPS for the current quarter was -$0.09 a year ago. Earnings per share for the fiscal year are expected to increase by 99.07%, and 3255.11% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 27 brokerage firm advisors rate Confluent Inc (CFLT) as a “Strong Buy” at a consensus score of 1.85. Specifically, 15 Wall Street analysts polled rate the stock as a buy, while 9 of the 27 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CFLT, a number of firms have released research notes about the stock. Bernstein stated their Outperform rating for the stock in a research note on November 28, 2023, with the firm’s price target at $34.
