Wells Fargo & Company Cuts Confluent (NASDAQ:CFLT) Price Target to $27.00

Key Points

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Confluent (NASDAQ:CFLT - Get Free Report) had its price target dropped by stock analysts at Wells Fargo & Company from $30.00 to $27.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's target price suggests a potential upside of 49.96% from the company's current price.

Several other analysts also recently commented on CFLT. Guggenheim decreased their target price on shares of Confluent from $31.00 to $29.00 and set a "buy" rating for the company in a research report on Thursday. TD Securities reduced their target price on Confluent from $34.00 to $32.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Raymond James Financial cut their target price on Confluent from $30.00 to $25.00 and set an "outperform" rating on the stock in a research note on Thursday. Barclays reaffirmed an "overweight" rating and issued a $31.00 price objective (up from $27.00) on shares of Confluent in a report on Monday, July 21st. Finally, Needham & Company LLC reduced their target price on Confluent from $26.00 to $24.00 and set a "buy" rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Confluent has a consensus rating of "Moderate Buy" and a consensus price target of $28.00.

Confluent Stock Performance

CFLT traded down $8.40 during trading hours on Thursday, hitting $18.01. 33,357,208 shares of the stock were exchanged, compared to its average volume of 6,065,838. The stock has a 50-day simple moving average of $24.51 and a 200-day simple moving average of $25.51. Confluent has a 12 month low of $17.51 and a 12 month high of $37.90. The stock has a market cap of $6.13 billion, a price-to-earnings ratio of -18.42 and a beta of 0.99. The company has a debt-to-equity ratio of 1.07, a current ratio of 4.42 and a quick ratio of 4.42.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data 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 net margin of 31.42% and a negative return on equity of 29.92%. The business had revenue of $282.29 million for the quarter, compared to analysts' expectations of $278.32 million. During the same period in the previous year, the business earned $0.06 earnings per share. The company's revenue was up 20.1% on a year-over-year basis. Analysts anticipate that Confluent will post -0.83 earnings per share for the current year.

Insider Transactions at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $24.50, for a total value of $5,696,250.00. Following the completion of the transaction, the chief executive officer owned 452,488 shares in the company, valued at approximately $11,085,956. This represents a 33.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Neha Narkhede sold 60,000 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $19.96, for a total transaction of $1,197,600.00. Following the completion of the transaction, the director owned 20,247 shares of the company's stock, valued at approximately $404,130.12. This trade represents a 74.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 546,669 shares of company stock worth $12,637,193 in the last quarter. 9.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Confluent

Several hedge funds have recently made changes to their positions in CFLT. Norges Bank purchased a new stake in shares of Confluent in the 4th quarter valued at approximately $81,092,000. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Confluent in the 4th quarter valued at approximately $64,658,000. 1832 Asset Management L.P. purchased a new stake in shares of Confluent in the 1st quarter valued at approximately $48,547,000. Vanguard Group Inc. lifted its position in shares of 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 in the last quarter. Finally, Alyeska Investment Group L.P. lifted its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 78.09% of the company's stock.

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.

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