Confluent (NASDAQ:CFLT) Given New $30.00 Price Target at DA Davidson

Confluent (NASDAQ:CFLT) had its price objective reduced by equities researchers at DA Davidson from $37.00 to $30.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. DA Davidson’s price objective would indicate a potential upside of 36.36% from the stock’s current price.

Several other equities analysts also recently commented on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $40.00 price objective on shares of Confluent in a report on Tuesday, June 4th. Truist Financial reissued a “buy” rating and issued a $30.00 target price (down previously from $36.00) on shares of Confluent in a report on Thursday. Stifel Nicolaus decreased their target price on shares of Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday. Mizuho cut 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. Finally, Barclays increased their target price on Confluent from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.70.

Confluent Trading Down 12.1 %

Shares of NASDAQ:CFLT traded down $3.02 during trading on Thursday, hitting $22.00. 8,515,154 shares of the company’s stock were exchanged, compared to its average volume of 4,460,562. Confluent has a 1-year low of $14.69 and a 1-year high of $38.19. The firm has a 50-day moving average price of $27.06 and a two-hundred day moving average price of $28.53. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29. The firm has a market cap of $6.99 billion, a P/E ratio of -17.60 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last announced 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 46.73% and a negative return on equity of 40.55%. The company had revenue of $217.24 million during the quarter, compared to the consensus estimate of $211.57 million. Equities analysts predict that Confluent will post -0.94 earnings per share for the current year.

Insider Buying and Selling

In other Confluent news, CTO Chad Verbowski sold 8,312 shares of Confluent stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $26.76, for a total value of $222,429.12. Following the transaction, the chief technology officer now directly owns 510,347 shares of the company’s stock, valued at approximately $13,656,885.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Confluent news, CTO Chad Verbowski sold 8,312 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $26.76, for a total value of $222,429.12. Following the completion of the transaction, the chief technology officer now owns 510,347 shares in the company, valued at $13,656,885.72. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $31.00, for a total value of $1,975,599.00. Following the completion of the transaction, the insider now owns 706,715 shares of the company’s stock, valued at approximately $21,908,165. The disclosure for this sale can be found here. Insiders sold 632,725 shares of company stock worth $18,138,428 in the last quarter. 13.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Confluent

Several institutional investors and hedge funds have recently modified their holdings of the stock. Hollencrest Capital Management bought a new stake in Confluent in the 1st quarter worth about $26,000. Rakuten Securities Inc. bought a new stake in Confluent in the 4th quarter worth about $31,000. Quest Partners LLC purchased a new position in Confluent in the fourth quarter worth about $31,000. GAMMA Investing LLC purchased a new position in Confluent in the fourth quarter worth about $35,000. Finally, V Square Quantitative Management LLC purchased a new position in Confluent in the second quarter worth about $68,000. 78.09% of the stock is currently owned by institutional investors.

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.