Confluent (NASDAQ:CFLT) Price Target Cut to $34.00 by Analysts at Canaccord Genuity Group

Confluent (NASDAQ:CFLT) had its target price lowered by investment analysts at Canaccord Genuity Group from $35.00 to $34.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 54.55% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Bank of America lowered their target price on Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a report on Thursday. Needham & Company LLC reissued a “buy” rating and issued a $38.00 target price on shares of Confluent in a report on Tuesday. Mizuho decreased their price objective on Confluent from $36.00 to $34.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. Barclays raised their price objective on Confluent from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Finally, Citigroup decreased their price objective on Confluent from $32.00 to $28.00 and set a “neutral” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $32.41.

Confluent Trading Down 12.1 %

NASDAQ CFLT opened at $22.00 on Thursday. The stock has a market cap of $6.99 billion, a P/E ratio of -17.60 and a beta of 0.91. 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 12 month low of $14.69 and a 12 month high of $38.19. The stock’s fifty day moving average price is $27.06 and its 200-day moving average price is $28.53.

Confluent (NASDAQ:CFLT) last announced its quarterly 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). The business 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 forecast that Confluent will post -0.94 EPS for the current fiscal year.

Insider Transactions at Confluent

In other news, Director Lara Caimi sold 5,399 shares of Confluent stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $25.88, for a total value of $139,726.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Lara Caimi sold 5,399 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $25.88, for a total transaction of $139,726.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chad Verbowski sold 8,312 shares of Confluent 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 sale, the chief technology officer now directly owns 510,347 shares of the company’s stock, valued at $13,656,885.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 632,725 shares of company stock worth $18,138,428. 13.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Confluent

Institutional investors and hedge funds have recently bought and sold shares of the company. Panagora Asset Management Inc. bought a new stake in Confluent during the 4th quarter valued at $745,000. Norges Bank purchased a new position in shares of Confluent in the 4th quarter valued at $37,046,000. Victory Capital Management Inc. increased its holdings in shares of Confluent by 20.2% in the 4th quarter. Victory Capital Management Inc. now owns 561,497 shares of the company’s stock valued at $13,139,000 after acquiring an additional 94,405 shares during the period. AGF Management Ltd. purchased a new position in shares of Confluent in the 4th quarter valued at $3,537,000. Finally, Highland Capital Management LLC purchased a new position in shares of Confluent in the 1st quarter valued at $1,181,000. 78.09% of the stock is 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.