Citigroup Cuts Confluent (NASDAQ:CFLT) Price Target to $25.00

Confluent (NASDAQ:CFLT - Get Free Report) had its target price dropped by investment analysts at Citigroup from $37.00 to $25.00 in a report released on Monday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Citigroup's price target would suggest a potential upside of 12.66% from the stock's previous close.

Other research analysts have also recently issued reports about the stock. Stifel Nicolaus dropped their target price on shares of Confluent from $40.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Loop Capital dropped their price objective on Confluent from $30.00 to $22.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. Oppenheimer lowered their target price on shares of Confluent from $35.00 to $32.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Canaccord Genuity Group cut their price objective on Confluent from $38.00 to $32.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, DA Davidson dropped their price objective on shares of Confluent from $42.00 to $28.00 and set a "buy" rating for the company in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $30.11.

Confluent Trading Up 7.5%

Shares of NASDAQ CFLT traded up $1.54 during midday trading on Monday, reaching $22.19. The stock had a trading volume of 4,320,215 shares, compared to its average volume of 4,710,999. Confluent has a twelve month low of $17.79 and a twelve month high of $37.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The company's 50 day moving average price is $23.40 and its 200 day moving average price is $27.40. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of -20.56 and a beta of 1.02.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The firm had revenue of $271.12 million for the quarter, compared to analysts' expectations of $264.45 million. During the same period in the prior year, the business earned $0.05 EPS. The company's revenue for the quarter was up 24.8% compared to the same quarter last year. As a group, sell-side analysts expect that Confluent will post -0.83 EPS for the current year.

Insider Activity

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total value of $7,516,725.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $14,628,937.04. The trade was a 33.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Erica Schultz sold 150,000 shares of the company's stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $35.82, for a total transaction of $5,373,000.00. Following the sale, the insider now owns 678,016 shares in the company, valued at $24,286,533.12. This represents a 18.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,260,746 shares of company stock valued at $39,702,750 in the last ninety days. Corporate insiders own 9.20% of the company's stock.

Institutional Investors Weigh In On Confluent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Credit Industriel ET Commercial purchased a new stake in Confluent during the 4th quarter valued at $28,000. Cloud Capital Management LLC purchased a new stake in shares of Confluent in the first quarter worth approximately $26,000. Versant Capital Management Inc boosted its holdings in Confluent by 2,458.2% during the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock valued at $40,000 after acquiring an additional 1,647 shares during the period. Blue Trust Inc. increased its stake in Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after purchasing an additional 1,607 shares during the period. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Confluent during the fourth quarter worth $59,000. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

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.

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