Loop Capital Cuts Confluent (NASDAQ:CFLT) Price Target to $30.00

Confluent (NASDAQ:CFLT) had its target price reduced by Loop Capital from $34.00 to $30.00 in a research report released on Monday morning,Benzinga reports. Loop Capital currently has a hold rating on the stock.

A number of other research firms have also commented on CFLT. William Blair reissued an “outperform” rating on shares of Confluent in a research report on Friday, March 7th. Canaccord Genuity Group increased their target price on shares of Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Stifel Nicolaus boosted their price target on shares of Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Evercore ISI increased their price objective on shares of Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Finally, Needham & Company LLC reissued a “buy” rating and set a $40.00 target price on shares of Confluent in a research report on Friday, March 7th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.33.

Confluent Stock Up 2.5 %

Confluent stock opened at $26.13 on Monday. The firm’s fifty day moving average is $29.76 and its 200 day moving average is $26.71. Confluent has a 12-month low of $17.79 and a 12-month high of $37.90. The company has a market capitalization of $8.73 billion, a PE ratio of -24.19 and a beta of 0.89. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14.

Confluent (NASDAQ:CFLT) last issued its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. As a group, sell-side analysts predict that Confluent will post -0.83 EPS for the current fiscal year.

Insider Activity

In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $29.36, for a total transaction of $6,826,200.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $13,285,047.68. This trade represents a 33.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $29.47, for a total value of $1,878,093.63. Following the completion of the transaction, the insider now owns 502,424 shares in the company, valued at $14,806,435.28. This represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,201,518 shares of company stock worth $38,533,306 in the last three months. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Quantbot Technologies LP lifted its stake in Confluent by 1,465.6% during the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after purchasing an additional 28,360 shares during the last quarter. Pathway Capital Management LP purchased a new position in shares of Confluent during the 3rd quarter valued at about $918,000. Charles Schwab Investment Management Inc. lifted its position in Confluent by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after buying an additional 64,926 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in Confluent by 152.4% in the third quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock worth $1,398,000 after buying an additional 41,431 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Confluent during the third quarter valued at approximately $868,000. Hedge funds and other 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.