Fintel reports that on May 8, 2024, Canaccord Genuity upgraded their outlook for Confluent (NasdaqGS:CFLT) from Hold to Buy.
Analyst Price Forecast Suggests 25.62% Upside
As of May 8, 2024, the average one-year price target for Confluent is 34.96. The forecasts range from a low of 27.27 to a high of $44.10. The average price target represents an increase of 25.62% from its latest reported closing price of 27.83.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Confluent is 1,038MM, an increase of 26.60%. The projected annual non-GAAP EPS is -0.18.
What is the Fund Sentiment?
There are 807 funds or institutions reporting positions in Confluent. This is an increase of 50 owner(s) or 6.61% in the last quarter. Average portfolio weight of all funds dedicated to CFLT is 0.26%, an increase of 2.87%. Total shares owned by institutions decreased in the last three months by 1.47% to 228,230K shares. 
The put/call ratio of CFLT is 0.49, indicating a bullish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 21,447K shares representing 6.76% ownership of the company. In its prior filing, the firm reported owning 18,531K shares , representing an increase of 13.59%. The firm decreased its portfolio allocation in CFLT by 20.35% over the last quarter.
Price T Rowe Associates holds 14,995K shares representing 4.73% ownership of the company. In its prior filing, the firm reported owning 11,124K shares , representing an increase of 25.81%. The firm decreased its portfolio allocation in CFLT by 2.33% over the last quarter.
Altimeter Capital Management holds 14,729K shares representing 4.64% ownership of the company. In its prior filing, the firm reported owning 16,612K shares , representing a decrease of 12.78%. The firm decreased its portfolio allocation in CFLT by 38.71% over the last quarter.
Capital Research Global Investors holds 6,137K shares representing 1.93% ownership of the company. In its prior filing, the firm reported owning 6,472K shares , representing a decrease of 5.46%. The firm decreased its portfolio allocation in CFLT by 33.05% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 5,915K shares representing 1.86% ownership of the company. In its prior filing, the firm reported owning 5,645K shares , representing an increase of 4.55%. The firm decreased its portfolio allocation in CFLT by 26.01% over the last quarter.
Confluent Background Information
(This description is provided by the company.)
Confluent is pioneering a fundamentally new category of data infrastructure focused on data in motion. Confluent’s cloud-native offering is the foundational platform for data in motion – designed to be the intelligent connective tissue enabling real-time data, from multiple sources, to constantly stream across the organization. With Confluent, organizations can meet the new business imperative of delivering rich, digital front-end customer experiences and transitioning to sophisticated, real-time, software-driven backend operations.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
