Confluent (NASDAQ:CFLT) PT Lowered to $32.00

Confluent (NASDAQ:CFLT) had its price objective decreased by investment analysts at Piper Sandler from $37.00 to $32.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 47.74% from the stock’s previous close.

Several other analysts have also recently commented on CFLT. JMP Securities raised their price objective on shares of Confluent from $38.00 to $40.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 8th. Stifel Nicolaus reduced their price objective on shares of Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday. Loop Capital reduced their price objective on shares of Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, July 19th. The Goldman Sachs Group raised their price objective on shares of Confluent from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Finally, Royal Bank of Canada cut their target price on shares of Confluent from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, Confluent has an average rating of “Moderate Buy” and a consensus price target of $31.41.

Confluent Stock Performance

Shares of NASDAQ:CFLT traded down $3.36 during midday trading on Thursday, hitting $21.66. The stock had a trading volume of 10,924,523 shares, compared to its average volume of 4,476,952. The company has a market capitalization of $6.88 billion, a PE ratio of -17.33 and a beta of 0.91. The stock 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. Confluent has a 1 year low of $14.69 and a 1 year high of $38.19.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate 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 analyst estimates of $211.57 million. As a group, equities analysts predict that Confluent will post -0.94 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Lara Caimi sold 5,399 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $25.88, for a total value of $139,726.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CMO Stephanie Buscemi sold 3,794 shares of the company’s stock in a transaction 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 sale, the chief marketing officer now directly owns 165,539 shares of the company’s stock, valued at $5,290,626.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lara Caimi sold 5,399 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $25.88, for a total transaction of $139,726.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 632,725 shares of company stock worth $18,138,428. 13.82% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

Several institutional investors have recently added to or reduced their stakes in CFLT. Hollencrest Capital Management acquired a new stake in shares of Confluent during the first quarter worth $26,000. Rakuten Securities Inc. acquired a new stake in shares of Confluent during the fourth quarter worth $31,000. Quest Partners LLC acquired a new stake in shares of Confluent during the fourth quarter worth $31,000. GAMMA Investing LLC acquired a new stake in shares of Confluent during the fourth quarter worth $35,000. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Confluent during the second quarter worth $68,000. 78.09% of the stock is 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.