Confluent (NASDAQ:CFLT) PT Lowered to $29.00

Confluent (NASDAQ:CFLT) had its target price cut by Mizuho from $31.00 to $29.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms have also recently commented on CFLT. DA Davidson reissued a “buy” rating and issued a $30.00 target price on shares of Confluent in a research note on Wednesday, September 18th. Citigroup dropped their target price on shares of Confluent from $32.00 to $28.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 30th. Royal Bank of Canada reduced their price target on shares of Confluent from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Wolfe Research raised Confluent to a “strong-buy” rating in a report on Wednesday, September 18th. Finally, Baird R W raised Confluent to a “hold” rating in a research report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and an average price target of $29.79.

Confluent Stock Up 0.6 %

Shares of Confluent stock opened at $22.45 on Thursday. Confluent has a 1 year low of $14.69 and a 1 year high of $35.07. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. The company has a 50-day moving average of $20.72 and a 200 day moving average of $25.05. The firm has a market cap of $7.14 billion, a price-to-earnings ratio of -17.96 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. The business had revenue of $234.99 million for the quarter, compared to the consensus estimate of $229.49 million. As a group, sell-side analysts anticipate that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In related news, insider Erica Schultz sold 9,556 shares of Confluent stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $207,174.08. Following the sale, the insider now owns 687,483 shares of the company’s stock, valued at approximately $14,904,631.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Erica Schultz sold 9,556 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $207,174.08. Following the completion of the transaction, the insider now directly owns 687,483 shares of the company’s stock, valued at approximately $14,904,631.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,561,071.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 524,453 shares of company stock valued at $10,833,388 over the last 90 days. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several institutional investors have recently added to or reduced their stakes in CFLT. SWS Partners purchased a new stake in shares of Confluent during the 3rd quarter worth approximately $802,000. Creative Planning increased its position in Confluent by 109.9% in the third quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after purchasing an additional 49,699 shares during the last quarter. Diversified Trust Co raised its stake in Confluent by 110.3% during the third quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock valued at $1,233,000 after purchasing an additional 31,729 shares in the last quarter. Handelsbanken Fonder AB lifted its position in Confluent by 48.1% during the third quarter. Handelsbanken Fonder AB now owns 67,692 shares of the company’s stock valued at $1,380,000 after purchasing an additional 22,000 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Confluent by 85.0% in the 3rd quarter. SG Americas Securities LLC now owns 85,799 shares of the company’s stock worth $1,749,000 after buying an additional 39,427 shares in the last quarter. 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.