Confluent (NASDAQ:CFLT) Price Target Lowered to $30.00 at DA Davidson

Confluent (NASDAQ:CFLT) had its price objective reduced by DA Davidson from $37.00 to $30.00 in a research report released on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also issued reports on CFLT. JMP Securities boosted their target price on Confluent from $38.00 to $40.00 and gave the stock a market outperform rating in a research report on Wednesday, May 8th. TD Cowen boosted their price objective on Confluent from $34.00 to $37.00 and gave the stock a buy rating in a report on Wednesday, May 8th. The Goldman Sachs Group lifted their target price on shares of Confluent from $27.00 to $30.00 and gave the stock a neutral rating in a research report on Thursday, May 9th. Royal Bank of Canada restated an outperform rating and issued a $40.00 price target on shares of Confluent in a research report on Tuesday, June 4th. Finally, Needham & Company LLC reiterated a buy rating and set a $38.00 price objective on shares of Confluent in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $31.04.

Confluent Price Performance

CFLT traded down $1.22 on Thursday, reaching $19.41. The company had a trading volume of 3,710,427 shares, compared to its average volume of 4,537,385. The company has a market capitalization of $6.17 billion, a P/E ratio of -15.13 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. The company has a fifty day moving average of $26.86 and a 200-day moving average of $28.48. Confluent has a one year low of $14.69 and a one year high of $38.19.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). The firm had revenue of $217.24 million for the quarter, compared to analyst estimates of $211.57 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 38.46%. As a group, equities research analysts anticipate that Confluent will post -0.94 earnings per share for the current year.

Insider Activity

In related news, CTO Chad Verbowski sold 13,413 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $31.96, for a total transaction of $428,679.48. Following the completion of the transaction, the chief technology officer now owns 518,659 shares of the company’s stock, valued at approximately $16,576,341.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $26.17, for a total transaction of $6,084,525.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $11,841,610.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chad Verbowski sold 13,413 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $31.96, for a total transaction of $428,679.48. Following the completion of the sale, the chief technology officer now owns 518,659 shares of the company’s stock, valued at approximately $16,576,341.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 632,725 shares of company stock valued at $18,138,428. 13.82% of the stock is owned by insiders.

Institutional Trading of Confluent

A number of hedge funds have recently modified their holdings of CFLT. 1832 Asset Management L.P. bought a new stake in shares of Confluent during the first quarter valued at approximately $181,075,000. Coatue Management LLC acquired a new position in shares of Confluent in the 4th quarter valued at $134,132,000. Champlain Investment Partners LLC bought a new position in shares of Confluent during the 1st quarter worth about $144,563,000. Price T Rowe Associates Inc. MD raised its position in Confluent by 17.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock worth $536,601,000 after purchasing an additional 2,587,169 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Confluent during the 4th quarter worth approximately $37,046,000. 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.