Confluent (NASDAQ:CFLT) PT Lowered to $30.00 at Royal Bank of Canada

Confluent (NASDAQ:CFLT) had its price objective decreased by Royal Bank of Canada from $35.00 to $30.00 in a research report sent to investors on Thursday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other research analysts have also recently weighed in on CFLT. Truist Financial reissued a buy rating and issued a $30.00 price target (down from $36.00) on shares of Confluent in a report on Thursday. Stifel Nicolaus lowered their target price on Confluent from $40.00 to $32.00 and set a buy rating on the stock in a research note on Thursday. Needham & Company LLC restated a buy rating and issued a $38.00 price target on shares of Confluent in a research note on Tuesday, July 30th. Citigroup lowered their price objective on Confluent from $32.00 to $28.00 and set a neutral rating on the stock in a research report on Tuesday, July 30th. Finally, Bank of America reduced their target price on shares of Confluent from $32.00 to $26.00 and set an underperform rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-two have issued a buy rating to the company. Based on data from MarketBeat, Confluent currently has a consensus rating of Moderate Buy and a consensus target price of $31.04.

Confluent Price Performance

NASDAQ:CFLT opened at $19.29 on Thursday. 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 has a 12-month low of $14.69 and a 12-month high of $38.19. The stock’s 50 day moving average price is $26.64 and its two-hundred day moving average price is $28.50. The firm has a market capitalization of $6.13 billion, a price-to-earnings ratio of -15.43 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results 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 business had revenue of $217.24 million during the quarter, compared to the consensus estimate of $211.57 million. On average, analysts anticipate that Confluent will post -0.94 earnings per share for the current year.

Insider Buying and Selling

In other Confluent news, CMO Stephanie Buscemi sold 3,794 shares of the stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $31.96, for a total value of $121,256.24. Following the completion of the transaction, the chief marketing officer now directly owns 165,539 shares in the company, valued at $5,290,626.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction 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 owns 706,715 shares of the company’s stock, valued at $21,908,165. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CMO Stephanie Buscemi sold 3,794 shares of the stock in a transaction on Monday, May 20th. The shares were sold at an average price of $31.96, for a total value 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 disclosure for this sale can be found here. Insiders have sold 632,725 shares of company stock worth $18,138,428 in the last 90 days. Insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. acquired a new stake in shares of Confluent during the fourth quarter worth $348,000. Fifth Third Bancorp increased its holdings in Confluent by 5.0% in the fourth quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock worth $274,000 after purchasing an additional 556 shares in the last quarter. Arizona State Retirement System lifted its stake in Confluent by 11.5% in the fourth quarter. Arizona State Retirement System now owns 49,772 shares of the company’s stock valued at $1,165,000 after buying an additional 5,123 shares during the period. Asset Management One Co. Ltd. lifted its stake in Confluent by 22.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 175,942 shares of the company’s stock valued at $4,263,000 after buying an additional 31,947 shares during the period. Finally, Stratos Wealth Advisors LLC bought a new position in shares of Confluent during the 4th quarter worth approximately $458,000. 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.