Confluent (NASDAQ:CFLT) PT Lowered to $32.00

Confluent (NASDAQ:CFLT) had its target price decreased by Piper Sandler from $37.00 to $32.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective points to a potential upside of 47.74% from the company’s previous close.

A number of other equities analysts have also commented on the company. Citigroup cut their price target on Confluent from $32.00 to $28.00 and set a “neutral” rating for the company in a report on Tuesday. Oppenheimer assumed coverage on Confluent in a research note on Friday, May 17th. They set an “outperform” rating and a $37.00 price objective for the company. Truist Financial reissued a “buy” rating and set a $30.00 price objective (down previously from $36.00) on shares of Confluent in a research note on Thursday. Royal Bank of Canada dropped their price objective on Confluent from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, Mizuho dropped their price objective on Confluent from $36.00 to $34.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $31.41.

Confluent Stock Performance

NASDAQ:CFLT traded down $3.36 during trading hours on Thursday, reaching $21.66. The stock had a trading volume of 10,924,523 shares, compared to its average volume of 4,476,952. The company has a debt-to-equity ratio of 1.29, a quick ratio of 5.07 and a current ratio of 5.07. The stock has a 50 day simple moving average of $27.06 and a 200 day simple moving average of $28.53. Confluent has a 12-month low of $14.69 and a 12-month high of $38.19. The stock has a market cap of $6.88 billion, a P/E ratio of -17.33 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. The company had revenue of $217.24 million during the quarter, compared to the consensus estimate of $211.57 million. On average, research analysts forecast that Confluent will post -0.94 EPS for the current fiscal year.

Insider Activity at Confluent

In related news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.00, for a total transaction of $1,975,599.00. Following the transaction, the insider now owns 706,715 shares in the company, valued at approximately $21,908,165. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Confluent news, CTO Chad Verbowski sold 8,312 shares of Confluent stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $26.76, for a total transaction of $222,429.12. Following the sale, the chief technology officer now directly owns 510,347 shares of the company’s stock, valued at approximately $13,656,885.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $31.00, for a total value of $1,975,599.00. Following the sale, the insider now directly owns 706,715 shares in the company, valued at $21,908,165. The disclosure for this sale can be found here. Insiders have sold a total of 632,725 shares of company stock worth $18,138,428 in the last 90 days. Company insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Large investors have recently bought and sold shares of the company. Hollencrest Capital Management bought a new stake in Confluent during the 1st quarter valued at approximately $26,000. Rakuten Securities Inc. bought a new stake in Confluent during the 4th quarter valued at approximately $31,000. Quest Partners LLC bought a new stake in Confluent during the 4th quarter valued at approximately $31,000. GAMMA Investing LLC bought a new stake in Confluent during the 4th quarter valued at approximately $35,000. Finally, V Square Quantitative Management LLC bought a new stake in shares of Confluent in the 2nd quarter worth approximately $68,000. 78.09% of the stock is owned by institutional investors.

Confluent Company Profile

Confluent, Inc operates a data streaming platform in the United States and internationally. The company provides platforms that allow customers to connect their applications, systems, and data layers, such as Confluent Cloud, a managed cloud-native software-as-a-service; and Confluent Platform, an enterprise-grade self-managed software.