Confluent (NASDAQ:CFLT) PT Lowered to $27.00 at TD Cowen

Confluent (NASDAQ:CFLT) had its price objective reduced by research analysts at TD Cowen from $31.00 to $27.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price target suggests a potential upside of 34.33% from the stock’s current price.

Several other brokerages also recently commented on CFLT. DA Davidson reiterated a “buy” rating and set a $30.00 target price on shares of Confluent in a research note on Wednesday. Needham & Company LLC reissued a “buy” rating and issued a $38.00 target price on shares of Confluent in a research report on Tuesday, July 30th. Citigroup dropped their price target on shares of Confluent from $32.00 to $28.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 30th. Mizuho cut their price objective on shares of Confluent from $36.00 to $34.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.31.

Confluent Stock Down 2.7 %

Shares of NASDAQ CFLT traded down $0.56 during trading on Friday, reaching $20.10. The company had a trading volume of 1,213,304 shares, compared to its average volume of 4,405,229. Confluent has a 12-month low of $14.69 and a 12-month high of $35.07. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. The business’s 50-day moving average is $21.91 and its 200 day moving average is $26.75. The stock has a market cap of $6.39 billion, a PE ratio of -16.09 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The firm had revenue of $234.99 million for the quarter, compared to analysts’ expectations of $229.49 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. As a group, equities analysts forecast that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Chad Verbowski sold 13,540 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 transaction of $293,547.20. Following the sale, the chief technology officer now directly owns 496,807 shares in the company, valued at approximately $10,770,775.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total value of $4,912,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,561,071.44. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Chad Verbowski sold 13,540 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $293,547.20. Following the completion of the sale, the chief technology officer now directly owns 496,807 shares in the company, valued at approximately $10,770,775.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 524,263 shares of company stock worth $10,829,566. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several hedge funds have recently added to or reduced their stakes in CFLT. Sanctuary Advisors LLC bought a new stake in shares of Confluent during the second quarter worth $462,000. Sycomore Asset Management increased its stake in Confluent by 308.3% in the 2nd quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock worth $9,176,000 after buying an additional 251,507 shares during the period. Truist Financial Corp lifted its holdings in Confluent by 5.3% during the 2nd quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock valued at $721,000 after buying an additional 1,238 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Confluent by 4.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 121,364 shares of the company’s stock valued at $3,584,000 after buying an additional 5,631 shares during the period. Finally, MBB Public Markets I LLC purchased a new stake in Confluent in the 2nd quarter valued at about $493,000. 78.09% of the stock is currently owned by 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.