Confluent (NASDAQ:CFLT) Shares Down 2.4% Following Analyst Downgrade

Confluent, Inc. (NASDAQ:CFLT)’s stock price was down 2.4% on Tuesday after Mizuho lowered their price target on the stock from $36.00 to $34.00. Mizuho currently has an outperform rating on the stock. Confluent traded as low as $25.86 and last traded at $25.91. Approximately 1,043,174 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 4,423,330 shares. The stock had previously closed at $26.56.

A number of other research analysts have also issued reports on the company. DA Davidson reiterated a “buy” rating and set a $37.00 target price on shares of Confluent in a research report on Monday, April 1st. Oppenheimer initiated coverage on shares of Confluent in a research report on Friday, May 17th. They issued an “outperform” rating and a $37.00 target price on the stock. JMP Securities boosted their target price on shares of Confluent from $38.00 to $40.00 and gave the stock a “market outperform” rating in a research note on Wednesday, May 8th. Wells Fargo & Company raised their price target on shares of Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Finally, Evercore ISI started coverage on Confluent in a report on Tuesday, June 11th. They set an “outperform” rating and a $35.00 target price for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.85.

Insider Buying and Selling

In related news, CTO Chad Verbowski sold 8,312 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total value of $222,429.12. Following the transaction, the chief technology officer now directly owns 510,347 shares of the company’s stock, valued at approximately $13,656,885.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Confluent news, CAO Ying Christina Liu sold 68,000 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the sale, the chief accounting officer now directly owns 168,338 shares in the company, valued at approximately $5,228,578.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chad Verbowski sold 8,312 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the completion of the transaction, the chief technology officer now owns 510,347 shares of the company’s stock, valued at approximately $13,656,885.72. The disclosure for this sale can be found here. Insiders sold a total of 632,725 shares of company stock worth $18,138,428 over the last 90 days. 13.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CFLT. Dynamic Technology Lab Private Ltd grew its stake in Confluent by 1.9% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock valued at $448,000 after acquiring an additional 359 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Confluent by 5.0% in the fourth quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock valued at $274,000 after purchasing an additional 556 shares in the last quarter. Daiwa Securities Group Inc. grew its position in shares of Confluent by 6.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the company’s stock valued at $264,000 after purchasing an additional 700 shares during the last quarter. Treasurer of the State of North Carolina increased its stake in shares of Confluent by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock worth $1,921,000 after purchasing an additional 800 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in shares of Confluent by 8.7% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after purchasing an additional 857 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Trading Down 2.0 %

The business has a 50 day moving average of $28.50 and a 200-day moving average of $28.37. The stock has a market cap of $8.28 billion, a PE ratio of -21.25 and a beta of 0.91. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share 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 firm had revenue of $217.24 million during the quarter, compared to analyst estimates of $211.57 million. On average, analysts anticipate that Confluent, Inc. will post -0.94 EPS for the current year.

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.