Confluent (NASDAQ:CFLT) PT Lowered to $32.00

Confluent (NASDAQ:CFLT) had its price target lowered by Stifel Nicolaus from $40.00 to $32.00 in a report issued on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on the stock. Royal Bank of Canada restated an outperform rating and issued a $40.00 price target on shares of Confluent in a report on Tuesday, June 4th. JMP Securities upped their price objective on Confluent from $38.00 to $40.00 and gave the company a market outperform rating in a research note on Wednesday, May 8th. Canaccord Genuity Group dropped their price objective on Confluent from $35.00 to $34.00 and set a buy rating on the stock in a research note on Thursday. Barclays lifted their target price on shares of Confluent from $33.00 to $34.00 and gave the stock an overweight rating in a research note on Wednesday, May 8th. Finally, Canaccord Genuity Group upgraded Confluent from a hold rating to a buy rating and set a $35.00 target price for the company in a research note on Wednesday, May 8th. 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $31.04.

Confluent Stock Down 0.2 %

NASDAQ CFLT traded down $0.03 during trading hours on Thursday, hitting $19.25. 3,155,284 shares of the company traded hands, compared to its average volume of 4,564,493. The stock has a market capitalization of $6.12 billion, a price-to-earnings ratio of -15.42 and a beta of 0.91. The business’s 50-day moving average is $26.64 and its 200-day moving average is $28.54. Confluent has a twelve month low of $14.69 and a twelve month high of $35.47. The company has a debt-to-equity ratio of 1.29, a quick ratio of 5.07 and a current ratio of 5.07.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $217.24 million during the quarter, compared to analyst estimates of $211.57 million. Sell-side analysts anticipate that Confluent will post -0.94 earnings per share for the current year.

Insider Buying and Selling at Confluent

In other news, CAO Ying Christina Liu sold 68,000 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.06, for a total value of $2,112,080.00. Following the completion of the transaction, the chief accounting officer now owns 168,338 shares in the company, valued at approximately $5,228,578.28. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CAO Ying Christina Liu sold 68,000 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the transaction, the chief accounting officer now directly owns 168,338 shares in the company, valued at $5,228,578.28. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chad Verbowski sold 8,312 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total value of $222,429.12. Following the completion of 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 disclosure for this sale can be found here. Insiders have sold 632,725 shares of company stock valued at $18,138,428 in the last quarter. Corporate insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. TD Asset Management Inc grew its stake in shares of Confluent by 4.5% in the second quarter. TD Asset Management Inc now owns 385,424 shares of the company’s stock valued at $11,382,000 after buying an additional 16,474 shares in the last quarter. Pursue Wealth Partners LLC raised its stake in Confluent by 169.4% during the second quarter. Pursue Wealth Partners LLC now owns 215,201 shares of the company’s stock valued at $6,355,000 after buying an additional 135,330 shares in the last quarter. Rhumbline Advisers boosted its holdings in Confluent by 19.9% in the second quarter. Rhumbline Advisers now owns 301,590 shares of the company’s stock worth $8,906,000 after purchasing an additional 49,969 shares during the period. Claro Advisors LLC bought a new stake in shares of Confluent during the 2nd quarter valued at about $424,000. Finally, nVerses Capital LLC acquired a new stake in shares of Confluent during the 2nd quarter worth approximately $269,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.