Confluent (NASDAQ:CFLT) PT Lowered to $25.00

Confluent (NASDAQ:CFLT) had its price target cut by research analysts at Scotiabank from $28.00 to $25.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price objective points to a potential upside of 19.16% from the stock’s previous close.

A number of other brokerages have also weighed in on CFLT. Guggenheim reaffirmed a “buy” rating and issued a $37.00 price target on shares of Confluent in a research note on Tuesday, June 25th. Canaccord Genuity Group cut their price target on shares of Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a research note on Thursday. Loop Capital cut their price target on shares of Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research note on Friday, July 19th. Barclays lifted their price target on shares of Confluent from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Finally, TD Cowen boosted their price objective on shares of Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-two 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 target price of $31.25.

Confluent Trading Down 16.1 %

Confluent stock traded down $4.04 during midday trading on Thursday, hitting $20.98. 15,727,192 shares of the stock were exchanged, compared to its average volume of 4,509,623. The company has a fifty day simple moving average of $27.06 and a two-hundred day simple moving average of $28.53. Confluent has a 52 week low of $14.69 and a 52 week high of $38.19. The stock has a market capitalization of $6.67 billion, a PE ratio of -16.90 and a beta of 0.91. 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 (NASDAQ:CFLT) last released 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 return on equity of 40.55% and a negative net margin of 46.73%. The firm had revenue of $217.24 million for the quarter, compared to the consensus estimate of $211.57 million. Equities research analysts anticipate that Confluent will post -0.94 EPS for the current fiscal year.

Insider Activity

In other news, Director Lara Caimi sold 9,375 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $31.00, for a total value of $290,625.00. Following the completion of the sale, the director now owns 5,399 shares of the company’s stock, valued at $167,369. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 value of $2,112,080.00. Following the completion of the sale, the chief accounting officer now owns 168,338 shares of the company’s stock, valued at $5,228,578.28. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lara Caimi sold 9,375 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.00, for a total transaction of $290,625.00. Following the sale, the director now directly owns 5,399 shares of the company’s stock, valued at approximately $167,369. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 632,725 shares of company stock valued at $18,138,428. 13.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On Confluent

Several institutional investors and hedge funds have recently bought and sold shares of CFLT. Assenagon Asset Management S.A. bought a new stake in Confluent during the fourth quarter worth about $348,000. Fifth Third Bancorp lifted its holdings in shares of 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 acquiring an additional 556 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Confluent by 11.5% in the fourth quarter. Arizona State Retirement System now owns 49,772 shares of the company’s stock worth $1,165,000 after acquiring an additional 5,123 shares during the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Confluent by 22.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 175,942 shares of the company’s stock worth $4,263,000 after acquiring an additional 31,947 shares during the last quarter. Finally, Stratos Wealth Advisors LLC bought a new position in shares of Confluent in the fourth quarter worth about $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.