Confluent, Inc. (NASDAQ:CFLT – Get Free Report) gapped down before the market opened on Thursday after TD Cowen lowered their price target on the stock from $34.00 to $31.00. The stock had previously closed at $25.02, but opened at $22.07. TD Cowen currently has a buy rating on the stock. Confluent shares last traded at $22.30, with a volume of 4,410,924 shares changing hands.
A number of other analysts have also recently issued reports on the company. Deutsche Bank Aktiengesellschaft dropped their price objective on Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday. Loop Capital cut their price target on shares of Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a report on Friday, July 19th. Scotiabank reduced their target price on Confluent from $28.00 to $25.00 and set a “sector perform” rating for the company in a research report on Thursday. Guggenheim restated a “buy” rating and issued a $37.00 price objective on shares of Confluent in a research report on Tuesday, June 25th. Finally, Piper Sandler decreased their price target on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and an average target price of $31.04.
Insider Buying and Selling
In other Confluent news, CMO Stephanie Buscemi sold 3,794 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $31.96, for a total transaction of $121,256.24. Following the completion of the sale, the chief marketing officer now directly owns 165,539 shares in the company, valued at approximately $5,290,626.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Lara Caimi sold 9,375 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 transaction of $290,625.00. Following the completion of the transaction, the director now directly owns 5,399 shares in the company, valued at approximately $167,369. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CMO Stephanie Buscemi sold 3,794 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $31.96, for a total transaction of $121,256.24. Following the completion of the transaction, the chief marketing officer now owns 165,539 shares of the company’s stock, valued at $5,290,626.44. The disclosure for this sale can be found here. Insiders sold 632,725 shares of company stock valued at $18,138,428 over the last 90 days. Company 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 bought and sold shares of CFLT. Hollencrest Capital Management purchased a new position in shares of Confluent in the first quarter worth $26,000. Rakuten Securities Inc. purchased a new stake in Confluent in the 4th quarter worth $31,000. Quest Partners LLC bought a new position in shares of Confluent during the 4th quarter valued at about $31,000. GAMMA Investing LLC purchased a new position in shares of Confluent during the fourth quarter valued at about $35,000. Finally, V Square Quantitative Management LLC bought a new stake in shares of Confluent in the second quarter worth about $68,000. 78.09% of the stock is owned by institutional investors.
Confluent Stock Down 17.5 %
The business has a 50-day moving average of $27.06 and a 200 day moving average of $28.53. The company has a market capitalization of $6.56 billion, a PE ratio of -16.66 and a beta of 0.91. The company has a debt-to-equity ratio of 1.29, a current ratio of 5.07 and a quick ratio of 5.07.
Confluent (NASDAQ:CFLT – Get Free Report) last announced its earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $217.24 million for the quarter, compared to analysts’ expectations of $211.57 million. Equities research analysts predict that Confluent, Inc. will post -0.94 earnings per share for the current 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.