Confluent (NASDAQ:CFLT - Get Free Report) had its price target cut by analysts at DA Davidson from $32.00 to $24.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. DA Davidson's price objective points to a potential upside of 35.55% from the company's previous close.
A number of other research firms also recently weighed in on CFLT. Citigroup reaffirmed a "neutral" rating on shares of Confluent in a research report on Wednesday, May 21st. Raymond James Financial dropped their price target on shares of Confluent from $30.00 to $25.00 and set an "outperform" rating on the stock in a research note on Thursday. Guggenheim dropped their price target on shares of Confluent from $31.00 to $29.00 and set a "buy" rating on the stock in a research note on Thursday. Canaccord Genuity Group dropped their price target on shares of Confluent from $38.00 to $32.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Finally, JMP Securities dropped their price target on shares of Confluent from $40.00 to $36.00 and set a "market outperform" rating on the stock in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $27.86.
Check Out Our Latest Report on Confluent
Confluent Trading Down 32.9%
Shares of NASDAQ CFLT traded down $8.69 during mid-day trading on Thursday, hitting $17.71. The stock had a trading volume of 46,204,272 shares, compared to its average volume of 6,141,170. The business has a 50 day moving average price of $24.51 and a two-hundred day moving average price of $25.51. Confluent has a 1 year low of $17.51 and a 1 year high of $37.90. The company has a debt-to-equity ratio of 1.07, a quick ratio of 4.42 and a current ratio of 4.42. The firm has a market cap of $6.03 billion, a P/E ratio of -18.07 and a beta of 0.99.
Confluent (NASDAQ:CFLT - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.01. The firm had revenue of $282.29 million for the quarter, compared to analyst estimates of $278.32 million. Confluent had a negative net margin of 31.42% and a negative return on equity of 29.92%. The company's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.06 EPS. On average, equities analysts anticipate that Confluent will post -0.83 EPS for the current fiscal year.
Insider Buying and Selling
In other news, CFO Rohan Sivaram sold 27,710 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $21.83, for a total transaction of $604,909.30. Following the sale, the chief financial officer owned 673,693 shares in the company, valued at approximately $14,706,718.19. The trade was a 3.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michelangelo Volpi sold 25,000 shares of the business's stock in a transaction dated 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 in the company, valued at $6,676,975. The trade was a 8.56% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 546,669 shares of company stock valued at $12,637,193 over the last three months. Corporate insiders own 9.20% of the company's stock.
Institutional Investors Weigh In On Confluent
A number of large investors have recently modified their holdings of CFLT. Principal Financial Group Inc. boosted its position in Confluent by 47.3% in the first quarter. Principal Financial Group Inc. now owns 528,171 shares of the company's stock valued at $12,380,000 after buying an additional 169,576 shares during the last quarter. Amalgamated Bank boosted its position in Confluent by 3.4% in the first quarter. Amalgamated Bank now owns 16,995 shares of the company's stock valued at $398,000 after buying an additional 566 shares during the last quarter. Janus Henderson Group PLC boosted its position in Confluent by 5.2% in the fourth quarter. Janus Henderson Group PLC now owns 107,900 shares of the company's stock valued at $3,017,000 after buying an additional 5,300 shares during the last quarter. SG Americas Securities LLC boosted its position in Confluent by 25.8% in the first quarter. SG Americas Securities LLC now owns 26,884 shares of the company's stock valued at $630,000 after buying an additional 5,520 shares during the last quarter. Finally, Values First Advisors Inc. purchased a new stake in Confluent in the first quarter valued at approximately $231,000. Hedge funds and other institutional investors own 78.09% of the company's stock.
Confluent Company Profile
(
Get Free Report)
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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