Piper Sandler Cuts Confluent (NASDAQ:CFLT) Price Target to $32.00

Confluent (NASDAQ:CFLT) had its price target cut by Piper Sandler from $37.00 to $32.00 in a research note published on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

CFLT has been the subject of several other reports. Canaccord Genuity Group reduced their target price on Confluent from $35.00 to $34.00 and set a buy rating for the company in a report on Thursday. Evercore ISI assumed coverage on shares of Confluent in a research note on Tuesday, June 11th. They set an outperform rating and a $35.00 price objective for the company. Barclays lifted their target price on shares of Confluent from $33.00 to $34.00 and gave the stock an overweight rating in a research report on Wednesday, May 8th. The Goldman Sachs Group upped their price target on shares of Confluent from $27.00 to $30.00 and gave the company a neutral rating in a research report on Thursday, May 9th. Finally, Mizuho lowered their price objective on shares of Confluent from $36.00 to $34.00 and set an outperform rating on the stock in a research report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. According to data from MarketBeat, Confluent has a consensus rating of Moderate Buy and a consensus target price of $31.04.

Confluent Trading Down 6.5 %

Shares of CFLT stock opened at $19.29 on Thursday. 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 $26.64 and a 200 day simple moving average of $28.50. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $38.19. The stock has a market capitalization of $6.13 billion, a P/E ratio of -15.43 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last issued its earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share 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 return on equity of 38.46% and a negative net margin of 42.70%. On average, sell-side analysts expect that Confluent will post -0.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Confluent news, CMO Stephanie Buscemi sold 3,794 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $31.96, for a total transaction of $121,256.24. Following the transaction, the chief marketing officer now directly owns 165,539 shares in the company, valued at $5,290,626.44. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CTO Chad Verbowski sold 8,312 shares of the business’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 completion of the sale, the chief technology officer now directly owns 510,347 shares in the company, valued at $13,656,885.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CMO Stephanie Buscemi sold 3,794 shares of the firm’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 $121,256.24. Following the completion of the transaction, the chief marketing officer now owns 165,539 shares in the company, valued at $5,290,626.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 632,725 shares of company stock worth $18,138,428. Corporate insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CFLT. Assenagon Asset Management S.A. acquired a new stake in shares of Confluent in the fourth quarter valued at about $348,000. Fifth Third Bancorp grew its holdings in Confluent by 5.0% in the 4th quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock valued at $274,000 after buying an additional 556 shares during the last quarter. Arizona State Retirement System increased its position in Confluent by 11.5% in the 4th quarter. Arizona State Retirement System now owns 49,772 shares of the company’s stock worth $1,165,000 after buying an additional 5,123 shares during the period. Asset Management One Co. Ltd. boosted its position in shares of Confluent by 22.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 175,942 shares of the company’s stock valued at $4,263,000 after acquiring an additional 31,947 shares during the period. Finally, Stratos Wealth Advisors LLC acquired a new stake in shares of Confluent in the fourth quarter worth $458,000. Institutional investors and hedge funds 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.