Confluent, Inc. (NASDAQ:CFLT – Get Free Report) traded down 2.4% during trading on Tuesday after Mizuho lowered their price target on the stock from $36.00 to $34.00. Mizuho currently has an outperform rating on the stock. Confluent traded as low as $25.86 and last traded at $25.91. 1,043,174 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 4,423,330 shares. The stock had previously closed at $26.56.
A number of other brokerages have also commented on CFLT. Royal Bank of Canada restated an “outperform” rating and issued a $40.00 target price on shares of Confluent in a research note on Tuesday, June 4th. Needham & Company LLC reissued a “buy” rating and set a $38.00 price objective on shares of Confluent in a report on Tuesday, June 11th. TD Cowen lifted their price objective on Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Guggenheim reissued a “buy” rating and set a $37.00 price objective on shares of Confluent in a report on Tuesday, June 25th. Finally, Wells Fargo & Company lifted their price objective on Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $32.85.
Insider Activity
In other Confluent news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $31.00, for a total value of $1,975,599.00. Following the sale, the insider now owns 706,715 shares in the company, valued at approximately $21,908,165. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Confluent news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $31.00, for a total value of $1,975,599.00. Following the sale, the insider now owns 706,715 shares in the company, valued at approximately $21,908,165. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Stephanie Buscemi sold 3,794 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.96, for a total value of $121,256.24. Following the completion of the sale, the chief marketing officer now owns 165,539 shares in the company, valued at approximately $5,290,626.44. The disclosure for this sale can be found here. Insiders have sold 632,725 shares of company stock worth $18,138,428 in the last 90 days. Corporate insiders own 13.82% of the company’s stock.
Institutional Investors Weigh In On Confluent
A number of institutional investors and hedge funds have recently made changes to their positions in CFLT. Hollencrest Capital Management acquired a new position in shares of Confluent during the 1st quarter worth approximately $26,000. Rakuten Securities Inc. acquired a new position in shares of Confluent during the 4th quarter worth approximately $31,000. Quest Partners LLC acquired a new position in shares of Confluent during the 4th quarter worth approximately $31,000. GAMMA Investing LLC acquired a new position in shares of Confluent during the 4th quarter worth approximately $35,000. Finally, V Square Quantitative Management LLC acquired a new position in shares of Confluent during the 2nd quarter worth approximately $68,000. Institutional investors own 78.09% of the company’s stock.
Confluent Price Performance
The company has a debt-to-equity ratio of 1.29, a quick ratio of 5.07 and a current ratio of 5.07. The business has a fifty day moving average of $28.46 and a two-hundred day moving average of $28.39. The firm has a market capitalization of $8.30 billion, a price-to-earnings ratio of -20.88 and a beta of 0.91.
Confluent (NASDAQ:CFLT – Get Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. The firm had revenue of $217.24 million during the quarter, compared to analyst estimates of $211.57 million. As a group, research analysts predict that Confluent, Inc. will post -0.94 EPS for the current fiscal year.
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.