Royal Bank Of Canada Lowers Confluent (NASDAQ:CFLT) Price Target to $25.00

Key Points

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Confluent (NASDAQ:CFLT - Free Report) had its target price decreased by Royal Bank Of Canada from $28.00 to $25.00 in a report released on Thursday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the stock.

Several other brokerages have also commented on CFLT. Canaccord Genuity Group decreased their target price on Confluent from $38.00 to $32.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Barclays reiterated an "overweight" rating and issued a $31.00 target price (up previously from $27.00) on shares of Confluent in a research report on Monday, July 21st. Loop Capital decreased their target price on Confluent from $30.00 to $22.00 and set a "hold" rating for the company in a research report on Wednesday, April 23rd. Raymond James Financial reduced their price objective on Confluent from $30.00 to $25.00 and set an "outperform" rating for the company in a research report on Thursday. Finally, Stephens assumed coverage on Confluent in a research report on Friday, July 18th. They set an "overweight" rating and a $31.00 price objective for the company. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.54.

Confluent Stock Performance

Shares of CFLT traded down $0.53 during mid-day trading on Thursday, hitting $17.20. The stock had a trading volume of 19,531,383 shares, compared to its average volume of 8,039,751. The company has a market cap of $5.85 billion, a PE ratio of -18.30 and a beta of 0.99. The company's fifty day simple moving average is $24.34 and its two-hundred day simple moving average is $25.37. The company has a quick ratio of 4.42, a current ratio of 3.98 and a debt-to-equity ratio of 1.03. Confluent has a fifty-two week low of $16.56 and a fifty-two week high of $37.90.

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

Insider Buying and Selling

In other news, Director Michelangelo Volpi sold 25,000 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $25.00, for a total value of $625,000.00. Following the sale, the director owned 267,079 shares of the company's stock, valued at approximately $6,676,975. The trade was a 8.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Rohan Sivaram sold 3,000 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $24.00, for a total value of $72,000.00. Following the completion of the sale, the chief financial officer directly owned 662,693 shares in the company, valued at $15,904,632. This represents a 0.45% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 486,669 shares of company stock worth $11,439,593. 9.20% of the stock is owned by corporate insiders.

Institutional Trading of Confluent

Hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in shares of Confluent by 47.3% in the 1st quarter. Principal Financial Group Inc. now owns 528,171 shares of the company's stock worth $12,380,000 after buying an additional 169,576 shares in the last quarter. Amalgamated Bank raised its position in shares of Confluent by 3.4% during the first quarter. Amalgamated Bank now owns 16,995 shares of the company's stock worth $398,000 after purchasing an additional 566 shares during the period. Janus Henderson Group PLC raised its position in shares of Confluent by 5.2% during the fourth quarter. Janus Henderson Group PLC now owns 107,900 shares of the company's stock worth $3,017,000 after purchasing an additional 5,300 shares during the period. SG Americas Securities LLC raised its position in shares of Confluent by 25.8% during the first quarter. SG Americas Securities LLC now owns 26,884 shares of the company's stock worth $630,000 after purchasing an additional 5,520 shares during the period. Finally, Values First Advisors Inc. acquired a new stake in shares of Confluent during the first quarter worth $231,000. 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.