Confluent (NASDAQ:CFLT) PT Lowered to $34.00

Confluent (NASDAQ:CFLT) had its price target reduced by investment analysts at Wells Fargo & Company from $38.00 to $34.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 53.15% from the company’s previous close.

A number of other research firms have also commented on CFLT. 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 target for the company. Citigroup decreased their price objective on shares of Confluent from $32.00 to $28.00 and set a “neutral” rating for the company in a report on Tuesday. Guggenheim restated a “buy” rating and issued a $37.00 price objective on shares of Confluent in a report on Tuesday, June 25th. Truist Financial restated a “buy” rating and issued a $30.00 price objective (down from $36.00) on shares of Confluent in a report on Thursday. Finally, Stifel Nicolaus decreased their price target on shares of Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday. One investment 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 stock. Based on data from MarketBeat.com, Confluent has an average rating of “Moderate Buy” and an average price target of $31.96.

Confluent Price Performance

CFLT stock traded down $2.82 during midday trading on Thursday, reaching $22.20. The company 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 current ratio of 5.07 and a quick ratio of 5.07. Confluent has a 1 year low of $14.69 and a 1 year high of $38.19. The company has a market capitalization of $7.06 billion, a P/E ratio of -17.76 and a beta of 0.91. The firm has a 50-day moving average price of $27.06 and a 200-day moving average price of $28.53.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. The company had revenue of $217.24 million during the quarter, compared to analysts’ expectations of $211.57 million. On average, research analysts anticipate that Confluent will post -0.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $31.00, for a total value of $1,975,599.00. Following the transaction, the insider now owns 706,715 shares of the company’s stock, valued at $21,908,165. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO Ying Christina Liu sold 68,000 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.06, for a total value of $2,112,080.00. Following the transaction, the chief accounting officer now owns 168,338 shares of the company’s stock, valued at $5,228,578.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $31.00, for a total transaction of $1,975,599.00. Following the completion of the sale, the insider now owns 706,715 shares in the company, valued at approximately $21,908,165. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 632,725 shares of company stock valued at $18,138,428. 13.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Confluent

Several large investors have recently bought and sold shares of the business. Claro Advisors LLC bought a new stake in Confluent in the second quarter worth $424,000. nVerses Capital LLC bought a new position in Confluent during the second quarter valued at $269,000. Maryland State Retirement & Pension System increased its position in Confluent by 28.8% during the second quarter. Maryland State Retirement & Pension System now owns 18,831 shares of the company’s stock valued at $556,000 after acquiring an additional 4,206 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in Confluent by 17.1% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 18,148 shares of the company’s stock valued at $536,000 after acquiring an additional 2,647 shares during the last quarter. Finally, Peregrine Capital Management LLC increased its position in Confluent by 11.3% during the second quarter. Peregrine Capital Management LLC now owns 306,152 shares of the company’s stock valued at $9,041,000 after acquiring an additional 31,040 shares during the last quarter. 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.