Confluent (NASDAQ:CFLT) Price Target Cut to $32.00 by Analysts at Stifel Nicolaus

Confluent (NASDAQ:CFLT) had its target price lowered by Stifel Nicolaus from $40.00 to $32.00 in a research report report published on Thursday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also recently issued reports on CFLT. Canaccord Genuity Group cut their target price on shares of Confluent from $35.00 to $34.00 and set a buy rating for the company in a research note on Thursday. Truist Financial restated a buy rating and set a $30.00 price objective (down previously from $36.00) on shares of Confluent in a report on Thursday. Oppenheimer initiated coverage on shares of Confluent in a report on Friday, May 17th. They set an outperform rating and a $37.00 price objective on the stock. Royal Bank of Canada restated an outperform rating and set a $40.00 price objective on shares of Confluent in a research note on Tuesday, June 4th. Finally, Bank of America cut their price objective on Confluent from $32.00 to $26.00 and set an underperform rating for the company in a research report on Thursday. One investment 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, the company has a consensus rating of Moderate Buy and an average target price of $31.04.

Confluent Price Performance

Shares of CFLT traded down $0.03 during trading hours on Thursday, hitting $19.25. 3,155,284 shares of the company were exchanged, compared to its average volume of 4,564,493. The company has a debt-to-equity ratio of 1.29, a current ratio of 5.07 and a quick ratio of 5.07. The company has a market capitalization of $6.12 billion, a PE ratio of -15.42 and a beta of 0.91. Confluent has a one year low of $14.69 and a one year high of $35.47. The firm has a fifty day simple moving average of $26.64 and a 200-day simple moving average of $28.54.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Confluent had a negative return on equity of 38.46% and a negative net margin of 42.70%. The company had revenue of $217.24 million for the quarter, compared to the consensus estimate of $211.57 million. As a group, sell-side analysts predict that Confluent will post -0.94 earnings per share for the current year.

Insiders Place Their Bets

In related news, CMO Stephanie Buscemi sold 3,794 shares of Confluent stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $31.96, for a total value of $121,256.24. Following the completion of the sale, 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 Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 706,715 shares of the company’s stock, valued at approximately $21,908,165. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CMO Stephanie Buscemi sold 3,794 shares of the firm’s stock in a transaction dated 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 directly owns 165,539 shares in the company, valued at $5,290,626.44. The disclosure for this sale can be found here. Insiders sold a total of 632,725 shares of company stock valued at $18,138,428 over the last 90 days. Insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several hedge funds and other institutional investors have recently made changes to their positions in CFLT. Hollencrest Capital Management purchased a new stake in shares of Confluent in the 1st quarter valued at approximately $26,000. Rakuten Securities Inc. purchased a new position in Confluent in the fourth quarter worth $31,000. Quest Partners LLC acquired a new stake in shares of Confluent during the 4th quarter valued at approximately $31,000. GAMMA Investing LLC purchased a new stake in shares of Confluent in the 4th quarter worth about $35,000. Finally, V Square Quantitative Management LLC acquired a new stake in Confluent during the 2nd quarter valued at $68,000. 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.