Confluent (NASDAQ:CFLT) Price Target Lowered to $29.00 at Mizuho

Confluent (NASDAQ:CFLT) had its price objective lowered by Mizuho from $31.00 to $29.00 in a research note issued to investors on Thursday morning, Benzinga reports. Mizuho currently has an outperform rating on the stock.

Several other equities analysts have also recently commented on CFLT. Bank of America reduced their target price on Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a research note on Thursday, August 1st. Baird R W raised shares of Confluent to a “hold” rating in a research report on Wednesday, September 4th. Citigroup reduced their price target on shares of Confluent from $32.00 to $28.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 30th. TD Cowen lowered their price objective on Confluent from $31.00 to $27.00 and set a “buy” rating for the company in a report on Friday, September 20th. Finally, Royal Bank of Canada reduced their target price on Confluent from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.79.

Confluent Stock Up 0.8 %

Shares of NASDAQ:CFLT opened at $22.32 on Thursday. The company has a market capitalization of $7.09 billion, a price-to-earnings ratio of -17.86 and a beta of 0.88. The company has a 50 day moving average of $20.68 and a two-hundred day moving average of $25.16. Confluent has a 52-week low of $14.69 and a 52-week high of $35.07. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. The firm had revenue of $234.99 million during the quarter, compared to analysts’ expectations of $229.49 million. As a group, analysts forecast that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Activity

In related news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the transaction, the chief marketing officer now directly owns 161,673 shares in the company, valued at $3,505,070.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,045,235.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CMO Stephanie Buscemi sold 3,866 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the sale, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 524,453 shares of company stock worth $10,833,388. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Hedge funds have recently added to or reduced their stakes in the company. SWS Partners acquired a new stake in Confluent in the third quarter valued at approximately $802,000. Creative Planning raised its holdings in shares of Confluent by 109.9% during the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after purchasing an additional 49,699 shares in the last quarter. Diversified Trust Co lifted its stake in shares of Confluent by 110.3% in the 3rd quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock valued at $1,233,000 after purchasing an additional 31,729 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in Confluent by 48.1% in the third quarter. Handelsbanken Fonder AB now owns 67,692 shares of the company’s stock worth $1,380,000 after purchasing an additional 22,000 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of Confluent by 85.0% in the third quarter. SG Americas Securities LLC now owns 85,799 shares of the company’s stock worth $1,749,000 after buying an additional 39,427 shares during the last quarter. Institutional investors and hedge funds 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.