Fintel reports that on May 31, 2023, Wells Fargo maintained coverage of Confluent Inc (NASDAQ:CFLT) with a Overweight recommendation.
Analyst Price Forecast Suggests 8.67% Downside
As of May 11, 2023, the average one-year price target for Confluent Inc is 28.99. The forecasts range from a low of 21.21 to a high of $37.80. The average price target represents a decrease of 8.67% from its latest reported closing price of 31.74.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Confluent Inc is 782MM, an increase of 23.40%. The projected annual non-GAAP EPS is -0.52.
What is the Fund Sentiment?
There are 573 funds or institutions reporting positions in Confluent Inc. This is an increase of 40 owner(s) or 7.50% in the last quarter. Average portfolio weight of all funds dedicated to CFLT is 0.29%, an increase of 11.75%. Total shares owned by institutions increased in the last three months by 15.05% to 176,259K shares. 
The put/call ratio of CFLT is 0.45, indicating a bullish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 18,080K shares representing 6.11% ownership of the company. In it's prior filing, the firm reported owning 14,680K shares, representing an increase of 18.81%. The firm increased its portfolio allocation in CFLT by 23.18% over the last quarter.
Altimeter Capital Management holds 14,492K shares representing 4.89% ownership of the company. In it's prior filing, the firm reported owning 12,995K shares, representing an increase of 10.33%. The firm decreased its portfolio allocation in CFLT by 3.18% over the last quarter.
Price T Rowe Associates holds 12,477K shares representing 4.21% ownership of the company. In it's prior filing, the firm reported owning 10,538K shares, representing an increase of 15.54%. The firm increased its portfolio allocation in CFLT by 19.25% over the last quarter.
Capital Research Global Investors holds 7,219K shares representing 2.44% ownership of the company. In it's prior filing, the firm reported owning 7,219K shares, representing an increase of 0.00%. The firm increased its portfolio allocation in CFLT by 2.20% over the last quarter.
Tiger Global Management holds 5,753K shares representing 1.94% ownership of the company. In it's prior filing, the firm reported owning 3,121K shares, representing an increase of 45.76%. The firm increased its portfolio allocation in CFLT by 48.16% 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.
Key filings for this company:
This story originally appeared on Fintel.
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