Confluent (NASDAQ:CFLT) PT Lowered to $33.00

Confluent (NASDAQ:CFLT) had its target price reduced by equities research analysts at Sanford C. Bernstein from $38.00 to $33.00 in a research report issued on Friday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 51.38% from the company’s current price.

A number of other brokerages also recently weighed in on CFLT. Wolfe Research raised Confluent to a “strong-buy” rating in a research report on Wednesday, September 18th. Bank of America lowered their price target on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a report on Thursday, August 1st. Piper Sandler reduced their price objective on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Loop Capital lowered their target price 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. Finally, Mizuho cut their price target on shares of Confluent from $31.00 to $29.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $29.76.

Confluent Trading Up 2.4 %

NASDAQ CFLT opened at $21.80 on Friday. Confluent has a one year low of $14.69 and a one year high of $35.07. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. The company has a market capitalization of $6.93 billion, a price-to-earnings ratio of -17.44 and a beta of 0.88. The company’s 50-day simple moving average is $20.77 and its two-hundred day simple moving average is $24.90.

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

Insider Buying and Selling at Confluent

In other news, Director Lara Caimi sold 9,375 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total transaction of $187,593.75. Following the sale, the director now owns 7,160 shares of the company’s stock, valued at $143,271.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Lara Caimi sold 9,375 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $20.01, for a total transaction of $187,593.75. Following the sale, the director now directly owns 7,160 shares in the company, valued at $143,271.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,045,235.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 524,453 shares of company stock valued at $10,833,388. 13.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On Confluent

Several institutional investors and hedge funds have recently added to or reduced their stakes in CFLT. Hollencrest Capital Management purchased a new position in Confluent during the first quarter valued at $26,000. V Square Quantitative Management LLC purchased a new position in Confluent in the 2nd quarter valued at about $68,000. UniSuper Management Pty Ltd boosted its holdings in Confluent by 125.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after buying an additional 1,500 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after buying an additional 859 shares during the last quarter. Finally, Lazard Asset Management LLC increased its stake in Confluent by 25.5% during the 1st quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after buying an additional 1,167 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.