Oppenheimer Cuts Confluent (NASDAQ:CFLT) Price Target to $26.00

Key Points

• Oppenheimer has cut its target price for Confluent from $32.00 to $26.00, while maintaining an "outperform" rating, suggesting a potential upside from the stock's previous close.
• Various analysts have also reduced their price targets, with the consensus target price now at $29.50 and Confluent receiving an overall average rating of "Moderate Buy."
• Confluent's share price experienced a significant drop, trading at $18.49, reflecting a 20.1% year-over-year revenue growth despite a negative net margin.

Confluent (NASDAQ:CFLT - Free Report) had its target price reduced by Oppenheimer from $32.00 to $26.00 in a research report report published on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts also recently commented on CFLT. Evercore ISI lowered their target price on Confluent from $29.00 to $28.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Canaccord Genuity Group lowered their price objective on Confluent from $38.00 to $32.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company dropped their price objective on shares of Confluent from $32.00 to $30.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Raymond James Financial began coverage on shares of Confluent in a research note on Friday, April 11th. They issued an "outperform" rating and a $30.00 target price for the company. Finally, UBS Group lifted 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. One analyst has rated the stock with a sell rating, ten have issued a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $27.54.

Confluent Stock Performance

NASDAQ:CFLT traded down $0.53 during midday trading on Thursday, hitting $17.20. The company's stock had a trading volume of 19,531,383 shares, compared to its average volume of 8,039,751. Confluent has a fifty-two week low of $16.56 and a fifty-two week high of $37.90. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.98 and a quick ratio of 4.42. The firm has a market cap of $5.85 billion, a P/E ratio of -18.30 and a beta of 0.96. The firm's 50 day moving average is $24.34 and its 200-day moving average is $25.36.

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

Insider Activity

In other Confluent news, CRO Ban Ryan Norris Mac sold 1,225 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $23.49, for a total value of $28,775.25. Following the transaction, the executive owned 411,830 shares of the company's stock, valued at $9,673,886.70. This represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $24.50, for a total transaction of $5,696,250.00. Following the sale, the chief executive officer owned 452,488 shares of the company's stock, valued at approximately $11,085,956. This represents a 33.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 486,669 shares of company stock worth $11,439,593. 9.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Confluent

A number of hedge funds have recently made changes to their positions in CFLT. Commonwealth Equity Services LLC lifted its stake in Confluent by 4.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock worth $323,000 after purchasing an additional 458 shares in the last quarter. LPL Financial LLC lifted its stake in Confluent by 43.7% during the 4th quarter. LPL Financial LLC now owns 66,726 shares of the company's stock worth $1,866,000 after acquiring an additional 20,300 shares in the last quarter. Norges Bank purchased a new position in Confluent during the 4th quarter valued at about $81,092,000. Orion Portfolio Solutions LLC boosted its holdings in Confluent by 8.2% during the 4th quarter. Orion Portfolio Solutions LLC now owns 32,117 shares of the company's stock valued at $898,000 after acquiring an additional 2,421 shares during the period. Finally, Alliancebernstein L.P. grew its position in Confluent by 676.7% in the 4th quarter. Alliancebernstein L.P. now owns 638,189 shares of the company's stock valued at $17,844,000 after acquiring an additional 556,025 shares in the last quarter. Hedge funds and other institutional investors 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.