Confluent (NASDAQ:CFLT) PT Lowered to $28.00 at Citigroup

Confluent (NASDAQ:CFLT) had its price objective cut by Citigroup from $32.00 to $28.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research analysts have also recently weighed in on CFLT. Guggenheim reaffirmed a buy rating and set a $37.00 price objective on shares of Confluent in a research report on Tuesday, June 25th. Oppenheimer began coverage on Confluent in a report on Friday, May 17th. They issued an outperform rating and a $37.00 price target on the stock. Evercore ISI began coverage on Confluent in a report on Tuesday, June 11th. They issued an outperform rating and a $35.00 price target on the stock. DA Davidson reissued a buy rating and issued a $37.00 price target on shares of Confluent in a report on Monday, April 1st. Finally, Mizuho lowered their price target on Confluent from $36.00 to $34.00 and set an outperform rating on the stock in a report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat, Confluent has a consensus rating of Moderate Buy and a consensus target price of $31.04.

Confluent Trading Down 17.5 %

Confluent stock opened at $20.63 on Tuesday. The business has a 50-day simple moving average of $26.86 and a two-hundred day simple moving average of $28.48. The company has a market cap of $6.56 billion, a P/E ratio of -16.50 and a beta of 0.91. Confluent has a 52-week low of $14.69 and a 52-week high of $38.19. 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 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 46.73% and a negative return on equity of 40.55%. The company had revenue of $217.24 million for the quarter, compared to analysts’ expectations of $211.57 million. Analysts predict that Confluent will post -0.94 EPS for the current year.

Insider Activity

In other Confluent news, CAO Ying Christina Liu sold 7,261 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $31.96, for a total value of $232,061.56. Following the transaction, the chief accounting officer now owns 161,077 shares of the company’s stock, valued at approximately $5,148,020.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Confluent news, CMO Stephanie Buscemi sold 3,794 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $31.96, for a total value of $121,256.24. Following the transaction, the chief marketing officer now owns 165,539 shares of the company’s stock, valued at approximately $5,290,626.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Ying Christina Liu sold 7,261 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $31.96, for a total value of $232,061.56. Following the completion of the transaction, the chief accounting officer now directly owns 161,077 shares in the company, valued at approximately $5,148,020.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 632,725 shares of company stock valued at $18,138,428. 13.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Confluent

Several hedge funds have recently bought and sold shares of CFLT. Assenagon Asset Management S.A. bought a new position in Confluent in the 4th quarter valued at $348,000. Fifth Third Bancorp lifted its holdings in shares of Confluent by 5.0% in the 4th quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock worth $274,000 after buying an additional 556 shares during the period. Arizona State Retirement System lifted its holdings in shares of Confluent by 11.5% in the 4th quarter. Arizona State Retirement System now owns 49,772 shares of the company’s stock worth $1,165,000 after buying an additional 5,123 shares during the period. Asset Management One Co. Ltd. lifted its holdings in shares of Confluent by 22.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 175,942 shares of the company’s stock worth $4,263,000 after buying an additional 31,947 shares during the period. Finally, Stratos Wealth Advisors LLC purchased a new stake in shares of Confluent in the 4th quarter worth $458,000. Institutional investors own 78.09% of the company’s stock.

About Confluent

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.