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Confluent Inc. (NASDAQ: CFLT) Surprised Bears, Looks Healthy Going Forward.

In the last trading session, 7.18 million Confluent Inc. (NASDAQ:CFLT) shares changed hands as the company’s beta touched 0.99. With the company’s per share price at $32.18 changed hands at -$1.32 or -3.94% during last session, the market valuation stood at $10.13B. CFLT’s last price was a discount, traded about -28.09% off its 52-week high of $41.22. The share price had its 52-week low at $16.60, which suggests the last value was 48.42% up since then. When we look at Confluent Inc.’s average trading volume, we note the 10-day average is 3.5 million shares, with the 3-month average coming to 4.03 million.

Analysts gave the Confluent Inc. (CFLT) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.30. If we narrow down to specifics, the data shows that 0 out of 26 analysts rate the stock as a Sell, with a further 1 assigning it an Overweight rating. Of the remaining, 9 recommended CFLT as a Hold, 16 felt it is a Buy and 0 rated the stock as Underweight. Confluent Inc.’s EPS for the current quarter is expected to be $0.

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Confluent Inc. (NASDAQ:CFLT) trade information

Instantly CFLT was in red as seen at the end of in last trading. With action -0.37%, the performance over the past five days has been red. The drop to weekly highs of 34.46 on Friday, 09/15/23 subtracted -3.94% to the stock’s daily price. The company’s shares are showing year-to-date upside of 44.69%, with the 5-day performance at -0.37% in the red. However, in the 30-day time frame, Confluent Inc. (NASDAQ:CFLT) is -2.04% down. Looking at the short shares, we see there were 21.55 million shares sold at short interest cover period of 5.05 days.

The consensus price target for the stock as assigned by Wall Street analysts is $39.41, meaning bulls need an upside of 18.35% from its current market value. According to analyst projections, CFLT’s forecast low is $30.00 with $45.00 as the target high. To hit the forecast high, the stock’s price needs a -39.84% plunge from its current level, while the stock would need to tank 6.77% for it to hit the projected low.

Confluent Inc. (CFLT) estimates and forecasts

Data shows that the Confluent Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 40.28% over the past 6 months, a 93.10% in annual growth rate that is considerably higher than the industry average of 17.90%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Confluent Inc. will rise 100.00%, while the growth in revenue is estimated to hit 155.60% for the next quarter. Year-over-year growth is forecast to reach 31.60% up from the last financial year.

Consensus estimates given by 22 financial analysts project the company’s revenue in the current quarter to hit an average of $195.11 million. 22 analysts are of the opinion that Confluent Inc.’s revenue for the quarter ending Dec 2023 will be $212.12 million. The company’s revenue for the corresponding quarters a year ago was $144.81 million and $168.67 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 34.70%. The estimates for the next quarter sales put growth at 25.80%.

The 2023 estimates are for Confluent Inc. earnings to decrease by -28.10%.

CFLT Dividends

Confluent Inc. is expected to release its next quarterly earnings report between October 31 and November 06.

Confluent Inc. (NASDAQ:CFLT)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 5.02% of Confluent Inc. shares while 79.90% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 84.13%. There are 79.90% institutions holding the Confluent Inc. stock share, with JP Morgan Chase & Company the top institutional holder. As of Jun 29, 2023, the company held 8.40% of the shares, roughly 17.8 million CFLT shares worth $628.58 million.

Altimeter Capital Management, LP holds the second largest percentage of outstanding shares, with 7.69% or 16.31 million shares worth $575.76 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Smallcap World Fund and Vanguard Total Stock Market Index Fund. With 5.71 million shares estimated at $201.62 million under it, the former controlled 2.69% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 2.37% of the shares, roughly 5.01 million shares worth around $177.04 million.

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