Confluent (NASDAQ:CFLT) Price Target Cut to $32.00

Confluent (NASDAQ:CFLT) had its price objective cut by Piper Sandler from $37.00 to $32.00 in a report published on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

CFLT has been the topic of a number of other research reports. Canaccord Genuity Group reduced their price target on Confluent from $35.00 to $34.00 and set a buy rating on the stock in a research report on Thursday. Canaccord Genuity Group raised Confluent from a hold rating to a buy rating and set a $35.00 price target for the company in a research note on Wednesday, May 8th. The Goldman Sachs Group upped their price objective on shares of Confluent from $27.00 to $30.00 and gave the stock a neutral rating in a research report on Thursday, May 9th. TD Cowen raised their target price on shares of Confluent from $34.00 to $37.00 and gave the company a buy rating in a report on Wednesday, May 8th. Finally, DA Davidson cut their price target on shares of Confluent from $37.00 to $30.00 and set a buy rating for the company in a report on Thursday. One 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 company’s stock. According to MarketBeat.com, Confluent currently has an average rating of Moderate Buy and an average price target of $31.04.

Confluent Stock Down 6.5 %

CFLT opened at $19.29 on Thursday. The stock has a fifty day moving average of $26.64 and a 200-day moving average of $28.50. The company has a market capitalization of $6.13 billion, a P/E ratio of -15.43 and a beta of 0.91. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $38.19. 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 issued 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). The business had revenue of $217.24 million during the quarter, compared to analyst estimates of $211.57 million. Confluent had a negative return on equity of 38.46% and a negative net margin of 42.70%. On average, equities analysts expect that Confluent will post -0.94 EPS for the current year.

Insider Activity

In related news, CTO Chad Verbowski sold 8,312 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $26.76, for a total transaction of $222,429.12. Following the completion of 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 filing with the SEC, which can be accessed through the SEC website. In other Confluent news, CTO Chad Verbowski sold 8,312 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the completion of the transaction, the chief technology officer now owns 510,347 shares in the company, valued at approximately $13,656,885.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $26.17, for a total transaction of $6,084,525.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares in the company, valued at approximately $11,841,610.96. 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. Insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

A number of large investors have recently bought and sold shares of the business. Hollencrest Capital Management acquired a new position in shares of Confluent in the 1st quarter valued at about $26,000. Rakuten Securities Inc. bought a new stake in Confluent in the fourth quarter worth approximately $31,000. Quest Partners LLC acquired a new position in Confluent in the fourth quarter valued at approximately $31,000. GAMMA Investing LLC bought a new position in shares of Confluent during the 4th quarter worth approximately $35,000. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Confluent during the 2nd quarter worth approximately $68,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.