Confluent (NASDAQ:CFLT) PT Lowered to $33.00

Confluent (NASDAQ:CFLT) had its price target cut by investment analysts at Sanford C. Bernstein from $38.00 to $33.00 in a report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 46.47% from the company’s previous close.

Several other equities analysts also recently issued reports on the company. Baird R W upgraded Confluent to a “hold” rating in a research report on Wednesday, September 4th. Wolfe Research raised Confluent to a “strong-buy” rating in a research note on Wednesday, September 18th. Loop Capital lowered their price target on Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, July 19th. Mizuho reduced their price objective on shares of Confluent from $31.00 to $29.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Finally, TD Cowen lowered their target price on shares of Confluent from $31.00 to $27.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $29.79.

Confluent Price Performance

Shares of NASDAQ CFLT opened at $22.53 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. The firm has a market capitalization of $7.16 billion, a PE ratio of -18.02 and a beta of 0.88. Confluent has a 1-year low of $14.69 and a 1-year high of $35.07. The business’s fifty day moving average price is $20.78 and its two-hundred day moving average price is $24.81.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The firm had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. On average, research analysts expect that Confluent will post -0.95 EPS for the current year.

Insider Buying and Selling

In other Confluent news, insider Erica Schultz sold 9,556 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $207,174.08. Following the sale, the insider now directly owns 687,483 shares of the company’s stock, valued at $14,904,631.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Confluent news, 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 transaction of $83,814.88. Following the completion of the sale, the chief marketing officer now directly owns 161,673 shares in the company, valued at approximately $3,505,070.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Erica Schultz sold 9,556 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $207,174.08. Following the completion of the transaction, the insider now owns 687,483 shares in the company, valued at $14,904,631.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 524,453 shares of company stock valued at $10,833,388. Company insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Confluent by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock valued at $602,505,000 after buying an additional 669,675 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Confluent by 17.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after purchasing an additional 2,587,169 shares in the last quarter. 1832 Asset Management L.P. increased its position in Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after purchasing an additional 1,684,100 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Confluent during the 2nd quarter worth about $193,403,000. Finally, Champlain Investment Partners LLC acquired a new stake in shares of Confluent during the 1st quarter valued at about $144,563,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.