Confluent (NASDAQ:CFLT) PT Lowered to $32.00

Confluent (NASDAQ:CFLT) had its price objective cut by equities researchers at Stifel Nicolaus from $40.00 to $32.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ target price would suggest a potential upside of 44.14% from the company’s current price.

Several other equities research analysts also recently weighed in on CFLT. The Goldman Sachs Group raised their price target on shares of Confluent from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 target price on shares of Confluent in a research report on Tuesday. Wells Fargo & Company boosted their price objective on shares of Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Truist Financial restated a “buy” rating and set a $30.00 target price (down previously from $36.00) on shares of Confluent in a research note on Thursday. Finally, Mizuho decreased their price target on shares of Confluent from $36.00 to $34.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and an average price target of $31.96.

Confluent Stock Down 11.3 %

Shares of CFLT stock traded down $2.82 during trading hours on Thursday, hitting $22.20. 4,887,604 shares of the company’s stock traded hands, compared to its average volume of 4,435,884. The stock’s fifty day simple moving average is $27.06 and its two-hundred day simple moving average is $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 $7.06 billion, a price-to-earnings ratio of -17.76 and a beta of 0.91. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29.

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

Insider Transactions at Confluent

In other news, CTO Chad Verbowski sold 13,413 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.96, for a total value of $428,679.48. Following the completion of the sale, the chief technology officer now owns 518,659 shares of the company’s stock, valued at approximately $16,576,341.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CMO Stephanie Buscemi sold 3,794 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.96, for a total transaction of $121,256.24. Following the completion of the sale, the chief marketing officer now owns 165,539 shares of the company’s stock, valued at $5,290,626.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chad Verbowski sold 13,413 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.96, for a total transaction of $428,679.48. Following the sale, the chief technology officer now directly owns 518,659 shares of the company’s stock, valued at approximately $16,576,341.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 632,725 shares of company stock valued at $18,138,428. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Claro Advisors LLC purchased a new position in shares of Confluent in the second quarter worth $424,000. nVerses Capital LLC purchased a new position in shares of Confluent in the second quarter worth $269,000. Maryland State Retirement & Pension System raised its holdings in shares of Confluent by 28.8% in the second quarter. Maryland State Retirement & Pension System now owns 18,831 shares of the company’s stock worth $556,000 after buying an additional 4,206 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Confluent by 17.1% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 18,148 shares of the company’s stock worth $536,000 after buying an additional 2,647 shares during the last quarter. Finally, Peregrine Capital Management LLC raised its holdings in shares of Confluent by 11.3% in the second quarter. Peregrine Capital Management LLC now owns 306,152 shares of the company’s stock worth $9,041,000 after buying an additional 31,040 shares during the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.