Confluent (NASDAQ:CFLT) Given New $30.00 Price Target at DA Davidson

Confluent (NASDAQ:CFLT) had its target price dropped by research analysts at DA Davidson from $37.00 to $30.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. DA Davidson’s target price suggests a potential upside of 36.36% from the stock’s current price.

CFLT has been the topic of several other reports. Bank of America dropped their price objective on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a report on Thursday. Evercore ISI started coverage on shares of Confluent in a report on Tuesday, June 11th. They set an “outperform” rating and a $35.00 price objective on the stock. Guggenheim reissued a “buy” rating and issued a $37.00 price target on shares of Confluent in a report on Tuesday, June 25th. Barclays increased their price target on shares of Confluent from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Finally, JMP Securities increased their price target on shares of Confluent from $38.00 to $40.00 and gave the stock a “market outperform” rating in a report on Wednesday, May 8th. One equities 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $31.70.

Confluent Stock Performance

CFLT traded down $3.02 during trading on Thursday, hitting $22.00. 8,515,154 shares of the company traded hands, compared to its average volume of 4,460,562. The firm has a market cap of $6.99 billion, a P/E ratio of -17.60 and a beta of 0.91. The stock’s fifty day moving average is $27.06 and its 200 day moving average is $28.53. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. Confluent has a one year low of $14.69 and a one year high of $38.19.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results 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 company had revenue of $217.24 million for the quarter, compared to the consensus estimate of $211.57 million. Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. As a group, equities analysts predict that Confluent will post -0.94 EPS for the current fiscal year.

Insider Activity

In related news, CAO Ying Christina Liu sold 7,261 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $31.96, for a total value of $232,061.56. Following the completion of the sale, the chief accounting officer now directly owns 161,077 shares in the company, valued at $5,148,020.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Confluent news, CAO Ying Christina Liu sold 7,261 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $31.96, for a total value of $232,061.56. Following the sale, the chief accounting officer now owns 161,077 shares in the company, valued at $5,148,020.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Chad Verbowski sold 8,312 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total value of $222,429.12. Following the transaction, the chief technology officer now owns 510,347 shares in the company, valued at approximately $13,656,885.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 632,725 shares of company stock worth $18,138,428. 13.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Confluent

A number of institutional investors have recently added to or reduced their stakes in CFLT. Dynamic Technology Lab Private Ltd boosted its holdings in Confluent by 1.9% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock worth $448,000 after acquiring an additional 359 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Confluent by 5.0% during the fourth quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock worth $274,000 after purchasing an additional 556 shares during the period. Daiwa Securities Group Inc. lifted its holdings in shares of Confluent by 6.6% during the fourth quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the company’s stock worth $264,000 after purchasing an additional 700 shares during the period. Treasurer of the State of North Carolina lifted its holdings in shares of Confluent by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock worth $1,921,000 after purchasing an additional 800 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of Confluent by 8.7% during the first quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after purchasing an additional 857 shares during the period. 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.