Barclays Cuts Confluent (NASDAQ:CFLT) Price Target to $29.00

Confluent (NASDAQ:CFLT - Free Report) had its target price trimmed by Barclays from $37.00 to $29.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Other analysts also recently issued research reports about the company. Scotiabank lifted their target price on Confluent from $27.00 to $35.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 12th. Stifel Nicolaus boosted their target price on shares of Confluent from $37.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. UBS Group raised shares of Confluent from a "neutral" rating to a "buy" rating and raised their target price for the company from $34.00 to $38.00 in a research note on Wednesday, February 26th. Bank of America boosted their price target on shares of Confluent from $26.00 to $31.00 and gave the stock an "underperform" rating in a research note on Wednesday, February 12th. Finally, Evercore ISI raised their price objective on Confluent from $32.00 to $40.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $33.39.

Confluent Stock Performance

Shares of Confluent stock traded up $0.87 during trading on Monday, hitting $24.13. 4,467,632 shares of the company's stock traded hands, compared to its average volume of 4,516,721. Confluent has a 1 year low of $17.79 and a 1 year high of $37.90. The business has a 50-day simple moving average of $25.39 and a 200-day simple moving average of $27.37. The stock has a market capitalization of $8.06 billion, a P/E ratio of -22.34 and a beta of 1.03. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24.

Confluent (NASDAQ:CFLT - Get Free Report) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. As a group, analysts forecast that Confluent will post -0.83 EPS for the current year.

Insider Buying and Selling at Confluent

In other Confluent news, CFO Rohan Sivaram sold 68,350 shares of the firm's stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $36.23, for a total value of $2,476,320.50. Following the transaction, the chief financial officer now directly owns 520,273 shares of the company's stock, valued at $18,849,490.79. This trade represents a 11.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Kong Phan sold 3,175 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $26.86, for a total value of $85,280.50. Following the completion of the sale, the chief accounting officer now owns 246,516 shares of the company's stock, valued at approximately $6,621,419.76. This trade represents a 1.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,200,746 shares of company stock valued at $38,505,150. Company insiders own 13.82% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Confluent by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company's stock worth $694,207,000 after buying an additional 599,582 shares in the last quarter. Champlain Investment Partners LLC lifted its stake in shares of Confluent by 1.3% in the fourth quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company's stock worth $302,940,000 after acquiring an additional 133,908 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Confluent by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company's stock valued at $123,339,000 after purchasing an additional 84,163 shares during the last quarter. Jericho Capital Asset Management L.P. grew its stake in Confluent by 18.1% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company's stock valued at $83,880,000 after purchasing an additional 459,000 shares in the last quarter. Finally, Norges Bank purchased a new stake in Confluent during the 4th quarter worth approximately $81,092,000. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

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.