Citigroup Lowers Confluent (NASDAQ:CFLT) Price Target to $28.00

Confluent (NASDAQ:CFLT) had its price objective cut by investment analysts at Citigroup from $32.00 to $28.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price would suggest a potential upside of 15.51% from the company’s current price.

Several other research firms have also weighed in on CFLT. TD Cowen raised their price objective on Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Loop Capital reduced their price objective on Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research note on Friday, July 19th. Barclays raised their price objective on Confluent from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Oppenheimer initiated coverage on Confluent in a research report on Friday, May 17th. They issued an “outperform” rating and a $37.00 target price for the company. Finally, Canaccord Genuity Group upgraded Confluent from a “hold” rating to a “buy” rating and increased their target price for the company from $28.00 to $35.00 in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and an average price target of $32.59.

Confluent Price Performance

Shares of CFLT traded down $0.34 during trading hours on Tuesday, hitting $24.24. 495,858 shares of the company were exchanged, compared to its average volume of 4,368,492. The company has a market cap of $7.70 billion, a price-to-earnings ratio of -19.39 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 quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. The firm’s fifty day moving average is $27.35 and its 200 day moving average is $28.55.

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). The business had revenue of $217.24 million during the quarter, compared to analyst estimates of $211.57 million. Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. On average, equities analysts anticipate that Confluent will post -0.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In other Confluent news, CMO Stephanie Buscemi sold 3,794 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $31.96, for a total value of $121,256.24. Following the completion of the sale, the chief marketing officer now owns 165,539 shares of the company’s stock, valued at $5,290,626.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Ying Christina Liu sold 7,261 shares of Confluent stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $31.96, for a total transaction of $232,061.56. Following the transaction, the chief accounting officer now owns 161,077 shares of the company’s stock, valued at $5,148,020.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Stephanie Buscemi sold 3,794 shares of Confluent stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.96, for a total value of $121,256.24. Following the transaction, the chief marketing officer now directly owns 165,539 shares in the company, valued at approximately $5,290,626.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 632,725 shares of company stock valued at $18,138,428. Company insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CFLT. Hollencrest Capital Management bought a new stake in Confluent during the first quarter worth $26,000. Rakuten Securities Inc. bought a new stake in Confluent during the fourth quarter worth $31,000. Quest Partners LLC bought a new stake in Confluent during the fourth quarter worth $31,000. GAMMA Investing LLC bought a new stake in shares of Confluent in the fourth quarter valued at $35,000. Finally, V Square Quantitative Management LLC bought a new stake in shares of Confluent in the second quarter valued at $68,000. Hedge funds and other 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.