Confluent (NASDAQ:CFLT) Given New $35.00 Price Target at Cowen

Confluent (NASDAQ:CFLTGet Rating) had its target price cut by investment analysts at Cowen from $39.00 to $35.00 in a report released on Thursday, The Fly reports. The brokerage presently has an “outperform” rating on the stock. Cowen’s target price suggests a potential upside of 63.17% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Citigroup lowered their price objective on shares of Confluent from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, November 1st. Piper Sandler lowered their price objective on shares of Confluent from $32.00 to $30.00 and set an “overweight” rating for the company in a research report on Thursday, January 5th. Barclays upgraded shares of Confluent from an “equal weight” rating to an “overweight” rating and decreased their target price for the stock from $27.00 to $24.00 in a research report on Tuesday, January 10th. Truist Financial decreased their target price on shares of Confluent from $35.00 to $30.00 in a research report on Monday, January 9th. Finally, Wells Fargo & Company decreased their target price on shares of Confluent from $40.00 to $36.00 and set an “overweight” rating for the company in a research report on Friday, January 6th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $33.25.

Confluent Stock Performance

Shares of Confluent stock opened at $21.45 on Thursday. The firm has a market cap of $6.14 billion, a PE ratio of -12.84 and a beta of 1.01. The firm’s 50-day simple moving average is $21.66 and its 200-day simple moving average is $24.55. The company has a debt-to-equity ratio of 1.38, a quick ratio of 5.74 and a current ratio of 5.74. Confluent has a 1 year low of $16.48 and a 1 year high of $81.11.

Confluent (NASDAQ:CFLTGet Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.40) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.40). Confluent had a negative net margin of 85.83% and a negative return on equity of 55.60%. The business had revenue of $151.73 million during the quarter, compared to the consensus estimate of $144.39 million. Equities analysts forecast that Confluent will post -1.62 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Chad Verbowski sold 9,441 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $20.11, for a total transaction of $189,858.51. Following the completion of the sale, the senior vice president now directly owns 338,391 shares of the company’s stock, valued at $6,805,043.01. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Wednesday, November 16th. The shares were sold at an average price of $22.47, for a total transaction of $5,224,275.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Chad Verbowski sold 9,441 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $20.11, for a total transaction of $189,858.51. Following the sale, the senior vice president now directly owns 338,391 shares of the company’s stock, valued at $6,805,043.01. The disclosure for this sale can be found here. Insiders sold 829,987 shares of company stock worth $18,552,363 over the last three months. Corporate insiders own 27.94% of the company’s stock.

Institutional Trading of Confluent

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Confluent in the 2nd quarter valued at approximately $26,000. C M Bidwell & Associates Ltd. purchased a new stake in shares of Confluent in the 3rd quarter valued at approximately $29,000. Advisors Asset Management Inc. purchased a new stake in shares of Confluent in the 1st quarter valued at approximately $30,000. US Bancorp DE purchased a new stake in shares of Confluent in the 3rd quarter valued at approximately $31,000. Finally, James Investment Research Inc. lifted its position in shares of Confluent by 716.9% in the 2nd quarter. James Investment Research Inc. now owns 1,356 shares of the company’s stock valued at $32,000 after acquiring an additional 1,190 shares in the last quarter. 40.66% of the stock is owned by institutional investors and hedge funds.

Confluent Company Profile

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Confluent, Inc operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data in real-time with the foundational platform for data in motion.

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