Confluent (NASDAQ:CFLT) Price Target Lowered to $29.00 at Guggenheim

Key Points

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Confluent (NASDAQ:CFLT - Get Free Report) had its target price decreased by research analysts at Guggenheim from $31.00 to $29.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Guggenheim's price target points to a potential upside of 69.39% from the stock's previous close.

A number of other research analysts have also issued reports on the stock. UBS Group raised their price objective on shares of Confluent from $30.00 to $32.00 and gave the company a "buy" rating in a report on Friday, July 11th. Stephens began coverage on shares of Confluent in a research note on Friday, July 18th. They set an "overweight" rating and a $31.00 price target for the company. Piper Sandler reduced their price objective on shares of Confluent from $40.00 to $32.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Citigroup reaffirmed a "neutral" rating on shares of Confluent in a research report on Wednesday, May 21st. Finally, Truist Financial cut their price objective on Confluent from $35.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $27.36.

Confluent Price Performance

Shares of NASDAQ CFLT traded down $0.08 during midday trading on Thursday, reaching $17.12. 9,673,178 shares of the company were exchanged, compared to its average volume of 9,016,787. The stock's 50-day moving average price is $24.34 and its 200-day moving average price is $25.35. The stock has a market cap of $5.83 billion, a P/E ratio of -18.21 and a beta of 0.96. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.03. Confluent has a one year low of $16.56 and a one year high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.08 by $0.01. Confluent had a negative return on equity of 27.34% and a negative net margin of 29.27%. The business had revenue of $282.29 million for the quarter, compared to analyst estimates of $278.32 million. During the same quarter in the previous year, the company posted $0.06 EPS. Confluent's quarterly revenue was up 20.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Confluent will post -0.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $24.50, for a total value of $5,696,250.00. Following the transaction, the chief executive officer owned 452,488 shares of the company's stock, valued at approximately $11,085,956. The trade was a 33.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric Vishria sold 15,476 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $25.00, for a total value of $386,900.00. Following the completion of the transaction, the director owned 1,154,400 shares of the company's stock, valued at $28,860,000. This trade represents a 1.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 486,669 shares of company stock worth $11,439,593 in the last ninety days. 13.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CFLT. Norges Bank bought a new position in Confluent during the fourth quarter valued at $81,092,000. Fuller & Thaler Asset Management Inc. purchased a new stake in Confluent in the 4th quarter worth about $64,658,000. 1832 Asset Management L.P. bought a new stake in Confluent in the 1st quarter valued at about $48,547,000. Vanguard Group Inc. lifted its holdings in Confluent by 7.2% during the first quarter. Vanguard Group Inc. now owns 26,620,150 shares of the company's stock valued at $623,976,000 after purchasing an additional 1,791,588 shares during the last quarter. Finally, Alyeska Investment Group L.P. boosted its position in Confluent by 220.2% during the first quarter. Alyeska Investment Group L.P. now owns 2,597,346 shares of the company's stock worth $60,882,000 after purchasing an additional 1,786,116 shares during the period. 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.