Piper Sandler Lowers Confluent (NASDAQ:CFLT) Price Target to $27.00

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Confluent (NASDAQ:CFLT - Free Report) had its target price lowered by Piper Sandler from $32.00 to $27.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

CFLT has been the subject of a number of other reports. Cowen cut shares of Confluent from a "buy" rating to a "hold" rating in a report on Thursday. Capital One Financial set a $21.00 price target on shares of Confluent in a research note on Thursday. Needham & Company LLC dropped their price objective on shares of Confluent from $26.00 to $24.00 and set a "buy" rating for the company in a report on Thursday. JMP Securities dropped their price objective on shares of Confluent from $40.00 to $36.00 and set a "market outperform" rating for the company in a report on Thursday, May 1st. Finally, Truist Financial lowered their price target on shares of Confluent from $35.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $27.54.

Confluent Stock Down 3.0%

Confluent stock traded down $0.53 during mid-day trading on Thursday, hitting $17.20. 19,531,383 shares of the company's stock were exchanged, compared to its average volume of 8,039,751. The company has a current ratio of 3.98, a quick ratio of 4.42 and a debt-to-equity ratio of 1.03. The stock has a market cap of $5.85 billion, a P/E ratio of -18.30 and a beta of 0.99. Confluent has a 1-year low of $16.56 and a 1-year high of $37.90. The stock has a 50 day moving average of $24.34 and a two-hundred day moving average of $25.37.

Confluent (NASDAQ:CFLT - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $282.29 million during the quarter, compared to analysts' expectations of $278.32 million. During the same period in the prior year, the company earned $0.06 earnings per share. The business's quarterly revenue was up 20.1% compared to the same quarter last year. As a group, analysts anticipate that Confluent will post -0.83 EPS for the current fiscal year.

Insider Activity at Confluent

In other news, Director Neha Narkhede sold 20,000 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $22.82, for a total value of $456,400.00. Following the sale, the director directly owned 20,247 shares of the company's stock, valued at approximately $462,036.54. This represents a 49.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michelangelo Volpi sold 25,000 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $25.00, for a total transaction of $625,000.00. Following the completion of the sale, the director directly owned 267,079 shares in the company, valued at approximately $6,676,975. The trade was a 8.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 486,669 shares of company stock worth $11,439,593. Corporate insiders own 9.20% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CFLT. Norges Bank bought a new position in Confluent in the 4th quarter valued at about $81,092,000. Fuller & Thaler Asset Management Inc. bought a new position in Confluent in the 4th quarter valued at about $64,658,000. 1832 Asset Management L.P. bought a new position in Confluent in the 1st quarter valued at about $48,547,000. Vanguard Group Inc. raised its holdings in Confluent by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 26,620,150 shares of the company's stock valued at $623,976,000 after acquiring an additional 1,791,588 shares during the period. Finally, Alyeska Investment Group L.P. raised its holdings in Confluent by 220.2% in the 1st quarter. Alyeska Investment Group L.P. now owns 2,597,346 shares of the company's stock valued at $60,882,000 after acquiring an additional 1,786,116 shares during the period. 78.09% of the stock is owned by 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.