Confluent (NASDAQ:CFLT) PT Lowered to $32.00

Confluent (NASDAQ:CFLT) had its price objective cut by investment analysts at Stifel Nicolaus from $40.00 to $32.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price target indicates a potential upside of 44.14% from the stock’s current price.

A number of other research firms also recently issued reports on CFLT. Guggenheim reiterated a “buy” rating and set a $37.00 target price on shares of Confluent in a research report on Tuesday, June 25th. Wells Fargo & Company boosted their price target on shares of Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Evercore ISI began coverage on shares of Confluent in a research note on Tuesday, June 11th. They set an “outperform” rating and a $35.00 price target for the company. TD Cowen boosted their price target on shares of Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Finally, Bank of America decreased their price target on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.96.

Confluent Trading Down 11.3 %

Shares of NASDAQ CFLT traded down $2.82 during midday trading on Thursday, reaching $22.20. The stock had a trading volume of 4,887,604 shares, compared to its average volume of 4,435,884. 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 has a twelve month low of $14.69 and a twelve month high of $38.19. The company’s 50 day moving average price is $27.06 and its 200 day moving average price is $28.53. The firm has a market cap of $7.06 billion, a price-to-earnings ratio of -17.76 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last released its earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $211.57 million. As a group, sell-side analysts expect that Confluent will post -0.94 EPS for the current year.

Insider Buying and Selling at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $26.17, for a total value of $6,084,525.00. Following the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $11,841,610.96. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Lara Caimi sold 5,399 shares of the stock in a transaction dated 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 SEC, which can be accessed through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $11,841,610.96. The disclosure for this sale can be found here. Insiders have sold a total of 632,725 shares of company stock valued at $18,138,428 over the last three months. 13.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Confluent by 3.5% in the first quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock worth $602,505,000 after purchasing an additional 669,675 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Confluent by 17.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock worth $536,601,000 after purchasing an additional 2,587,169 shares during the last quarter. 1832 Asset Management L.P. bought a new position in shares of Confluent in the first quarter worth approximately $181,075,000. Coatue Management LLC bought a new position in shares of Confluent in the fourth quarter worth approximately $134,132,000. Finally, First Trust Advisors LP increased its position in shares of Confluent by 15.3% in the fourth quarter. First Trust Advisors LP now owns 5,551,696 shares of the company’s stock worth $129,910,000 after purchasing an additional 738,147 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors.

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.