Confluent (NASDAQ:CFLT) Price Target Lowered to $30.00 at Loop Capital

Confluent (NASDAQ:CFLT) had its price target cut by Loop Capital from $34.00 to $30.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a hold rating on the stock.

CFLT has been the subject of several other research reports. Morgan Stanley lifted their price target on shares of Confluent from $30.00 to $32.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 12th. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price objective on shares of Confluent in a report on Friday. Bank of America upped their target price on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday, February 12th. Truist Financial lifted their price target on Confluent from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Finally, William Blair reissued an “outperform” rating on shares of Confluent in a research note on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Confluent currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.33.

Confluent Trading Down 8.3 %

NASDAQ:CFLT opened at $24.40 on Monday. The firm has a fifty day simple moving average of $29.85 and a two-hundred day simple moving average of $26.68. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. The stock has a market capitalization of $8.15 billion, a price-to-earnings ratio of -22.59 and a beta of 0.90. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14.

Confluent (NASDAQ:CFLT) last issued its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. Analysts expect that Confluent will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total value of $7,516,725.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $14,628,937.04. This trade represents a 33.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Kong Phan sold 2,178 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $31.58, for a total value of $68,781.24. Following the sale, the chief accounting officer now directly owns 177,415 shares in the company, valued at $5,602,765.70. This trade represents a 1.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,248,478 shares of company stock valued at $40,003,844. 13.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CFLT. Champlain Investment Partners LLC grew its stake in Confluent by 72.2% during the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after acquiring an additional 4,486,841 shares in the last quarter. Norges Bank bought a new position in shares of Confluent in the fourth quarter worth $81,092,000. Pictet Asset Management Holding SA raised its position in shares of Confluent by 7,342.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock worth $65,748,000 after buying an additional 2,319,919 shares in the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in Confluent during the fourth quarter valued at $64,658,000. Finally, MIG Capital LLC purchased a new position in Confluent during the fourth quarter worth about $27,007,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.