Confluent (NASDAQ:CFLT) PT Lowered to $29.00 at Mizuho

Confluent (NASDAQ:CFLT) had its price target dropped by research analysts at Mizuho from $31.00 to $29.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s target price would suggest a potential upside of 30.93% from the company’s current price.

Several other research analysts have also recently weighed in on the company. Guggenheim reiterated a “buy” rating and set a $37.00 price target on shares of Confluent in a research report on Tuesday, June 25th. Wells Fargo & Company cut their target price on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Piper Sandler lowered their price target on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Loop Capital dropped their price target on shares of Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, July 19th. Finally, Robert W. Baird started coverage on shares of Confluent in a research report on Wednesday, September 4th. They issued a “neutral” rating and a $23.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.79.

Confluent Stock Down 0.6 %

CFLT stock opened at $22.15 on Thursday. The company has a market capitalization of $7.04 billion, a P/E ratio of -17.72 and a beta of 0.88. Confluent has a 12 month low of $14.69 and a 12 month high of $35.07. The firm’s fifty day simple moving average is $20.63 and its 200-day simple moving average is $25.18. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The business had revenue of $234.99 million during 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 research analysts forecast that Confluent will post -0.95 earnings per share for the current year.

Insider Buying and Selling at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,561,071.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at $3,505,070.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,561,071.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 524,453 shares of company stock worth $10,833,388. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Institutional investors have recently bought and sold shares of the company. Hollencrest Capital Management acquired a new stake in shares of Confluent during the 1st quarter worth approximately $26,000. V Square Quantitative Management LLC acquired a new stake in Confluent during the second quarter worth $68,000. UniSuper Management Pty Ltd raised its position in Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after purchasing an additional 1,500 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after purchasing an additional 859 shares during the last quarter. Finally, Lazard Asset Management LLC grew its holdings in shares of Confluent by 25.5% during the 1st quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after purchasing an additional 1,167 shares during the period. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.