Truist Financial Has Lowered Expectations for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its price target dropped by investment analysts at Truist Financial from $40.00 to $35.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 43.86% from the stock’s previous close.

CFLT has been the subject of several other reports. Guggenheim raised their target price on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Canaccord Genuity Group lifted their target price on Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Morgan Stanley increased their price target on Confluent from $30.00 to $32.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. Royal Bank of Canada lifted their price objective on shares of Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Finally, Mizuho increased their price objective on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.15.

Confluent Stock Performance

Shares of NASDAQ CFLT opened at $24.33 on Monday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The stock has a 50 day moving average price of $29.36 and a 200 day moving average price of $27.25. The stock has a market capitalization of $8.13 billion, a PE ratio of -22.53 and a beta of 0.90. Confluent has a 52 week low of $17.79 and a 52 week high of $37.90.

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

Insider Activity at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $29.36, for a total transaction of $6,826,200.00. Following the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $13,285,047.68. The trade was a 33.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Kong Phan sold 6,346 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.22, for a total transaction of $229,852.12. Following the transaction, the chief accounting officer now owns 179,593 shares of the company’s stock, valued at approximately $6,504,858.46. This represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,200,746 shares of company stock valued at $38,505,150 over the last three months. 13.82% of the stock is owned by insiders.

Institutional Trading of Confluent

A number of hedge funds and other institutional investors have recently modified their holdings of CFLT. Credit Industriel ET Commercial acquired a new stake in shares of Confluent during the 4th quarter valued at $28,000. Blue Trust Inc. raised its position in Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after purchasing an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Confluent during the fourth quarter valued at about $59,000. Point72 Hong Kong Ltd acquired a new position in shares of Confluent in the third quarter valued at approximately $68,000. Finally, GAMMA Investing LLC raised its holdings in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after buying an additional 1,136 shares during the last quarter. 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.