Confluent (NASDAQ:CFLT) Price Target Cut to $36.00

Confluent (NASDAQ:CFLT) had its target price reduced by Mizuho from $38.00 to $36.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Mizuho’s price target points to a potential upside of 26.09% from the company’s previous close.

CFLT has been the subject of several other reports. Scotiabank boosted their price objective on Confluent from $22.00 to $28.00 and gave the company a “sector perform” rating in a report on Thursday, February 8th. DA Davidson restated a “buy” rating and issued a $37.00 target price on shares of Confluent in a research note on Monday, April 1st. The Goldman Sachs Group lifted their target price on Confluent from $24.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, February 8th. Barclays lifted their target price on Confluent from $26.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. Finally, Royal Bank of Canada lifted their target price on Confluent from $35.00 to $37.00 and gave the company an “outperform” rating in a research note on Wednesday, February 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.64.

Confluent Stock Up 0.5 %

Shares of NASDAQ CFLT opened at $28.55 on Monday. Confluent has a 1 year low of $14.69 and a 1 year high of $41.22. The firm has a market cap of $8.93 billion, a price-to-earnings ratio of -19.42 and a beta of 0.91. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. The stock’s 50-day simple moving average is $31.48 and its 200-day simple moving average is $26.41.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The business had revenue of $213.18 million for the quarter, compared to analysts’ expectations of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. As a group, equities analysts anticipate that Confluent will post -0.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $33.91, for a total value of $2,161,050.39. Following the sale, the insider now directly owns 706,715 shares of the company’s stock, valued at $23,964,705.65. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total transaction of $252,283.20. Following the completion of the transaction, the chief technology officer now owns 532,072 shares in the company, valued at $16,600,646.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $33.91, for a total transaction of $2,161,050.39. Following the transaction, the insider now owns 706,715 shares of the company’s stock, valued at approximately $23,964,705.65. The disclosure for this sale can be found here. Insiders have sold 1,433,170 shares of company stock valued at $46,438,029 over the last three months. 22.08% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Advisors Asset Management Inc. bought a new position in shares of Confluent in the first quarter valued at approximately $30,000. Geneos Wealth Management Inc. bought a new position in shares of Confluent in the first quarter valued at approximately $43,000. UniSuper Management Pty Ltd bought a new position in shares of Confluent in the third quarter valued at approximately $36,000. Rakuten Securities Inc. bought a new position in shares of Confluent in the fourth quarter valued at approximately $31,000. Finally, Quest Partners LLC acquired a new stake in shares of Confluent in the fourth quarter valued at approximately $31,000. Institutional investors 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.