Confluent (NASDAQ:CFLT) Price Target Cut to $30.00 by Analysts at Royal Bank of Canada

Confluent (NASDAQ:CFLT) had its price target lowered by Royal Bank of Canada from $35.00 to $30.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company lowered their price target on Confluent from $38.00 to $34.00 and set an overweight rating for the company in a report on Thursday. Stifel Nicolaus lowered their target price on shares of Confluent from $40.00 to $32.00 and set a buy rating for the company in a research note on Thursday. Bank of America cut their price target on shares of Confluent from $32.00 to $26.00 and set an underperform rating on the stock in a research note on Thursday. TD Cowen lifted their price objective on shares of Confluent from $34.00 to $37.00 and gave the stock a buy rating in a research note on Wednesday, May 8th. Finally, Mizuho reduced their target price on Confluent from $36.00 to $34.00 and set an outperform rating for the company in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $31.04.

Confluent Stock Down 5.9 %

NASDAQ CFLT traded down $1.22 on Thursday, reaching $19.41. 3,710,427 shares of the stock traded hands, compared to its average volume of 4,537,385. Confluent has a 12 month low of $14.69 and a 12 month high of $38.19. The company has a market cap of $6.17 billion, a price-to-earnings ratio of -15.13 and a beta of 0.91. The company has a fifty day moving average price of $26.86 and a 200-day moving average price of $28.48. 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 (NASDAQ:CFLT) last released its quarterly earnings data 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). Confluent had a negative net margin of 42.70% and a negative return on equity of 38.46%. The firm had revenue of $217.24 million during the quarter, compared to the consensus estimate of $211.57 million. As a group, research analysts forecast that Confluent will post -0.94 EPS for the current fiscal year.

Insider Activity

In related news, Director Lara Caimi sold 9,375 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $31.00, for a total transaction of $290,625.00. Following the completion of the transaction, the director now owns 5,399 shares in the company, valued at approximately $167,369. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CTO Chad Verbowski sold 13,413 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $31.96, for a total transaction of $428,679.48. Following the completion of the sale, the chief technology officer now owns 518,659 shares of the company’s stock, valued at $16,576,341.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lara Caimi sold 9,375 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $31.00, for a total transaction of $290,625.00. Following the completion of the sale, the director now owns 5,399 shares of the company’s stock, valued at $167,369. The disclosure for this sale can be found here. Insiders have sold a total of 632,725 shares of company stock worth $18,138,428 over the last 90 days. 13.82% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

Several large investors have recently bought and sold shares of the business. Panagora Asset Management Inc. acquired a new position in shares of Confluent during the 4th quarter worth approximately $745,000. Norges Bank purchased a new position in Confluent during the fourth quarter worth approximately $37,046,000. Victory Capital Management Inc. lifted its position in Confluent by 20.2% during the fourth quarter. Victory Capital Management Inc. now owns 561,497 shares of the company’s stock worth $13,139,000 after buying an additional 94,405 shares in the last quarter. AGF Management Ltd. acquired a new position in Confluent during the fourth quarter worth $3,537,000. Finally, Highland Capital Management LLC acquired a new stake in shares of Confluent in the 1st quarter worth $1,181,000. 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.