Confluent (NASDAQ:CFLT) Price Target Lowered to $36.00 at Mizuho

Confluent (NASDAQ:CFLT) had its target price reduced by Mizuho from $38.00 to $36.00 in a report issued on Monday, Benzinga reports. Mizuho currently has a buy rating on the stock.

A number of other research analysts have also weighed in on the company. Royal Bank of Canada raised their price objective on Confluent from $35.00 to $37.00 and gave the company an outperform rating in a report on Wednesday, February 14th. DA Davidson restated a buy rating and issued a $37.00 price objective on shares of Confluent in a report on Monday, April 1st. Scotiabank raised their price objective on Confluent from $22.00 to $28.00 and gave the company a sector perform rating in a report on Thursday, February 8th. The Goldman Sachs Group lifted their price target on Confluent from $24.00 to $27.00 and gave the stock a neutral rating in a report on Thursday, February 8th. Finally, Wells Fargo & Company lifted their price target on Confluent from $30.00 to $36.00 and gave the stock an overweight rating in a report on Thursday, February 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $30.64.

Confluent Price Performance

Confluent stock opened at $27.41 on Monday. The company’s fifty day moving average price is $31.45 and its 200 day moving average price is $26.43. Confluent has a 1 year low of $14.69 and a 1 year high of $41.22. The stock has a market capitalization of $8.57 billion, a P/E ratio of -18.65 and a beta of 0.91. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The firm had revenue of $213.18 million during the quarter, compared to analysts’ expectations of $204.62 million. Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. As a group, equities research analysts anticipate that Confluent will post -0.92 earnings per share for the current fiscal year.

Insider Activity at Confluent

In related news, CMO Stephanie Buscemi sold 2,724 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $87,576.60. Following the sale, the chief marketing officer now directly owns 109,002 shares in the company, valued at approximately $3,504,414.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Confluent news, CMO Stephanie Buscemi sold 2,724 shares of Confluent stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $87,576.60. Following the completion of the transaction, the chief marketing officer now directly owns 109,002 shares of the company’s stock, valued at approximately $3,504,414.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $31.75, for a total value of $2,023,395.75. Following the completion of the transaction, the insider now directly owns 479,537 shares of the company’s stock, valued at $15,225,299.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,433,170 shares of company stock worth $46,438,029. Company insiders own 22.08% of the company’s stock.

Hedge Funds Weigh In On Confluent

Institutional investors have recently bought and sold shares of the company. Invesco Ltd. grew its position in shares of Confluent by 14.0% during the third quarter. Invesco Ltd. now owns 3,824,055 shares of the company’s stock worth $113,230,000 after buying an additional 470,002 shares in the last quarter. KADENSA CAPITAL Ltd acquired a new position in shares of Confluent during the third quarter worth about $11,512,000. Tower Research Capital LLC TRC grew its position in shares of Confluent by 18,649.2% during the third quarter. Tower Research Capital LLC TRC now owns 12,187 shares of the company’s stock worth $361,000 after buying an additional 12,122 shares in the last quarter. Northern Trust Corp grew its position in shares of Confluent by 45.7% during the third quarter. Northern Trust Corp now owns 1,044,896 shares of the company’s stock worth $30,939,000 after buying an additional 327,940 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Confluent by 13.0% in the third quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock valued at $545,546,000 after purchasing an additional 2,125,843 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

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.