Confluent (NASDAQ:CFLT) Given New $26.00 Price Target at Bank of America

Confluent (NASDAQ:CFLT) had its price target lowered by Bank of America from $32.00 to $26.00 in a report published on Thursday, Benzinga reports. The firm currently has an underperform rating on the stock.

A number of other research firms also recently commented on CFLT. Barclays raised their target price on Confluent from $33.00 to $34.00 and gave the company an overweight rating in a report on Wednesday, May 8th. Evercore ISI initiated coverage on Confluent in a research note on Tuesday, June 11th. They set an outperform rating and a $35.00 price target for the company. Wells Fargo & Company lifted their price target on Confluent from $36.00 to $38.00 and gave the stock an overweight rating in a research note on Wednesday, May 8th. Citigroup cut their price target on Confluent from $32.00 to $28.00 and set a neutral rating for the company in a research note on Tuesday. Finally, Mizuho cut their price target 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 research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-two have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $31.04.

Confluent Stock Performance

Shares of CFLT traded down $1.22 during mid-day trading on Thursday, reaching $19.41. 3,710,427 shares of the company’s stock were exchanged, compared to its average volume of 4,537,385. The company has a debt-to-equity ratio of 1.29, a current ratio of 5.07 and a quick ratio of 5.07. The stock has a market capitalization of $6.17 billion, a PE ratio of -15.13 and a beta of 0.91. The business’s fifty day simple moving average is $26.86 and its 200-day simple moving average is $28.48. Confluent has a 52-week low of $14.69 and a 52-week high of $38.19.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Confluent had a negative net margin of 42.70% and a negative return on equity of 38.46%. The firm had revenue of $217.24 million during the quarter, compared to analysts’ expectations of $211.57 million. On average, equities research analysts expect that Confluent will post -0.94 earnings per share for the current year.

Insiders Place Their Bets

In other Confluent news, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $31.00, for a total value of $1,975,599.00. Following the transaction, the insider now directly owns 706,715 shares of the company’s stock, valued at approximately $21,908,165. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction that occurred on 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 sale, the insider now owns 706,715 shares of the company’s stock, valued at approximately $21,908,165. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lara Caimi sold 5,399 shares of Confluent stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $25.88, for a total value of $139,726.12. The disclosure for this sale can be found here. Insiders have sold a total of 632,725 shares of company stock valued at $18,138,428 in the last three months. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Institutional investors and hedge funds have recently bought and sold shares of the business. Panagora Asset Management Inc. bought a new stake in shares of Confluent during the fourth quarter worth $745,000. Norges Bank bought a new stake in shares of Confluent during the fourth quarter worth $37,046,000. Victory Capital Management Inc. raised its position in shares of Confluent by 20.2% during the fourth quarter. Victory Capital Management Inc. now owns 561,497 shares of the company’s stock worth $13,139,000 after acquiring an additional 94,405 shares during the last quarter. AGF Management Ltd. bought a new stake in shares of Confluent during the fourth quarter worth $3,537,000. Finally, Highland Capital Management LLC bought a new stake in shares of Confluent during the first quarter worth $1,181,000. Institutional investors and hedge funds 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.