Shares of Confluent, Inc. (NASDAQ:CFLT – Get Free Report) gapped down prior to trading on Thursday after Canaccord Genuity Group lowered their price target on the stock from $35.00 to $34.00. The stock had previously closed at $25.02, but opened at $22.07. Canaccord Genuity Group currently has a buy rating on the stock. Confluent shares last traded at $22.30, with a volume of 4,410,924 shares changing hands.
Several other equities analysts have also recently issued reports on CFLT. Barclays boosted their price target on Confluent from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Needham & Company LLC restated a “buy” rating and issued a $38.00 price target on shares of Confluent in a research report on Tuesday. JMP Securities boosted their price target on Confluent from $38.00 to $40.00 and gave the company a “market outperform” rating in a research report on Wednesday, May 8th. Canaccord Genuity Group upgraded Confluent from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Wednesday, May 8th. Finally, TD Cowen boosted their target price on Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $32.41.
View Our Latest Report on Confluent
Insider Activity at Confluent
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in CFLT. Assenagon Asset Management S.A. purchased a new position in Confluent in the 4th quarter valued at about $348,000. Fifth Third Bancorp lifted its position 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 last quarter. Arizona State Retirement System lifted its position in shares of Confluent by 11.5% during the fourth quarter. Arizona State Retirement System now owns 49,772 shares of the company’s stock worth $1,165,000 after purchasing an additional 5,123 shares during the last quarter. Asset Management One Co. Ltd. lifted its holdings in Confluent by 22.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 175,942 shares of the company’s stock worth $4,263,000 after acquiring an additional 31,947 shares during the last quarter. Finally, Stratos Wealth Advisors LLC bought a new position in Confluent in the fourth quarter worth about $458,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.
Confluent Stock Performance
The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. The stock has a 50 day simple moving average of $27.06 and a 200 day simple moving average of $28.53. The company has a market capitalization of $7.03 billion, a price-to-earnings ratio of -17.60 and a beta of 0.91.
Confluent (NASDAQ:CFLT – Get Free Report) last issued its 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 net margin of 46.73% and a negative return on equity of 40.55%. The company had revenue of $217.24 million during the quarter, compared to analyst estimates of $211.57 million. As a group, analysts anticipate that Confluent, Inc. will post -0.94 earnings per share for the current fiscal year.
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.
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