Confluent (NASDAQ:CFLT) Price Target Lowered to $25.00 at Raymond James Financial

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Confluent (NASDAQ:CFLT - Get Free Report) had its price objective cut by equities researchers at Raymond James Financial from $30.00 to $25.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Raymond James Financial's price objective would suggest a potential upside of 45.35% from the stock's current price.

Other equities analysts have also issued research reports about the company. Piper Sandler dropped their price objective on Confluent from $40.00 to $32.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. UBS Group raised their price objective on Confluent from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Morgan Stanley dropped their price objective on Confluent from $32.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Needham & Company LLC dropped their price objective on Confluent from $26.00 to $24.00 and set a "buy" rating on the stock in a report on Thursday. Finally, TD Cowen reissued a "hold" rating and set a $24.00 price target on shares of Confluent in a report on Thursday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $27.54.

Confluent Stock Down 3.0%

Confluent stock traded down $0.53 during midday trading on Thursday, reaching $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 quick ratio of 4.42, a current ratio of 3.98 and a debt-to-equity ratio of 1.03. The company has a market cap of $5.85 billion, a P/E ratio of -18.30 and a beta of 0.99. The business has a 50-day simple moving average of $24.34 and a 200-day simple moving average of $25.37.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly 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. Confluent had a negative return on equity of 27.34% and a negative net margin of 29.27%. The company had revenue of $282.29 million for the quarter, compared to analysts' expectations of $278.32 million. During the same period last year, the firm earned $0.06 earnings per share. Confluent's quarterly revenue was up 20.1% on a year-over-year basis. On average, research analysts expect that Confluent will post -0.83 earnings per share for the current fiscal year.

Insider Activity at Confluent

In other news, CAO Kong Phan sold 3,575 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $23.49, for a total transaction of $83,976.75. Following the completion of the sale, the chief accounting officer directly owned 239,742 shares of the company's stock, valued at $5,631,539.58. The trade was a 1.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $24.50, for a total transaction of $5,696,250.00. Following the sale, the chief executive officer directly owned 452,488 shares of the company's stock, valued at approximately $11,085,956. This trade represents a 33.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders 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

Institutional investors have recently added to or reduced their stakes in the business. Credit Industriel ET Commercial purchased a new stake in Confluent during the 4th quarter worth $28,000. Cloud Capital Management LLC acquired a new position in Confluent in the 1st quarter worth $26,000. Farther Finance Advisors LLC lifted its holdings in Confluent by 252.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,448 shares of the company's stock worth $36,000 after buying an additional 1,037 shares in the last quarter. Versant Capital Management Inc lifted its holdings in Confluent by 2,458.2% in the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock worth $40,000 after buying an additional 1,647 shares in the last quarter. Finally, Banque Transatlantique SA acquired a new position in Confluent in the 1st quarter worth $43,000. 78.09% of the stock is 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.