Confluent, Inc. (NASDAQ:CFLT) shares traded down 7.3% during trading on Tuesday . The company traded as low as $64.19 and last traded at $65.02. 10,756 shares were traded during trading, a decline of 99% from the average session volume of 1,231,502 shares. The stock had previously closed at $70.17.
A number of research analysts have commented on the stock. DA Davidson assumed coverage on shares of Confluent in a research note on Wednesday, September 15th. They set a “neutral” rating and a $61.00 price target for the company. JPMorgan Chase & Co. initiated coverage on shares of Confluent in a research note on Monday, July 19th. They issued a “neutral” rating and a $44.00 target price for the company. Zacks Investment Research cut shares of Confluent from a “hold” rating to a “sell” rating in a research note on Monday, September 20th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Confluent from $37.00 to $42.00 and gave the company a “hold” rating in a research note on Friday, August 6th. Finally, Barclays lifted their target price on shares of Confluent from $42.00 to $47.00 and gave the company an “equal weight” rating in a research note on Friday, August 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Confluent presently has an average rating of “Hold” and a consensus target price of $46.99.
The business’s 50-day simple moving average is $53.84.
Several hedge funds have recently modified their holdings of CFLT. Durable Capital Partners LP bought a new stake in shares of Confluent in the 2nd quarter valued at about $238,368,000. Lone Pine Capital LLC bought a new stake in shares of Confluent in the 2nd quarter valued at about $172,357,000. Coatue Management LLC acquired a new position in Confluent in the 2nd quarter valued at about $81,938,000. FMR LLC acquired a new position in Confluent in the 2nd quarter valued at about $79,864,000. Finally, Vanguard Group Inc. acquired a new position in Confluent in the 2nd quarter valued at about $70,553,000. 17.15% of the stock is currently owned by institutional investors.
Confluent Company Profile (NASDAQ:CFLT)
Confluent, Inc engages in developing cloud-native platform for data-in-motion that helps companies to connect their applications around real-time streams in the United States and internationally. The company offers Apache Kafka, a community distributed event streaming platform. Its products also include Confluent Cloud, a managed cloud-native service for Apache Kafka to connect and process data of user companies; Confluent platform, a self-managed platform to connect, process, and react to data in real-time for streaming data from across the organization for customer experiences and data-driven operations; ksqlDB that enables users to build real-time applications; and Confluent hub.
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