Confluent (NASDAQ:CFLT) Given New $26.00 Price Target at Bank of America

Confluent (NASDAQ:CFLT) had its target price decreased by equities research analysts at Bank of America from $32.00 to $26.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Bank of America‘s target price points to a potential upside of 3.92% from the stock’s previous close.

A number of other analysts have also recently issued reports on CFLT. Barclays upped their target price on Confluent from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group upped their price objective on Confluent from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Canaccord Genuity Group raised Confluent from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Wednesday, May 8th. Mizuho reduced their price objective on Confluent from $36.00 to $34.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Finally, Truist Financial reaffirmed a “buy” rating and set a $36.00 price objective (up from $33.00) on shares of Confluent in a research note on Wednesday, May 8th. 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 presently has an average rating of “Moderate Buy” and an average price target of $32.67.

Confluent Price Performance

NASDAQ:CFLT opened at $25.02 on Thursday. Confluent has a 52 week low of $14.69 and a 52 week high of $38.19. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $7.95 billion, a P/E ratio of -20.02 and a beta of 0.91. The stock’s fifty day moving average is $27.06 and its two-hundred day moving average is $28.53.

Confluent (NASDAQ:CFLT) last released its earnings results on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. The company had revenue of $217.24 million for the quarter, compared to analyst estimates of $211.57 million. Equities analysts expect that Confluent will post -0.94 EPS for the current year.

Insider Buying and Selling at Confluent

In other news, Director Lara Caimi sold 9,375 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $31.00, for a total transaction of $290,625.00. Following the sale, the director now owns 5,399 shares in the company, valued at $167,369. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Ying Christina Liu sold 7,261 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 value of $232,061.56. Following the transaction, the chief accounting officer now owns 161,077 shares in the company, valued at $5,148,020.92. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lara Caimi sold 9,375 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.00, for a total value of $290,625.00. Following the completion of the transaction, the director now owns 5,399 shares in the company, valued at approximately $167,369. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 632,725 shares of company stock worth $18,138,428. 13.82% of the stock is owned by insiders.

Institutional Trading of Confluent

Several hedge funds and other institutional investors have recently bought and sold shares of CFLT. Hollencrest Capital Management bought a new position in shares of Confluent during the first quarter valued at approximately $26,000. Rakuten Securities Inc. bought a new position in Confluent in the 4th quarter worth approximately $31,000. Quest Partners LLC bought a new position in Confluent in the 4th quarter worth approximately $31,000. GAMMA Investing LLC bought a new position in Confluent in the 4th quarter worth approximately $35,000. Finally, V Square Quantitative Management LLC bought a new position in Confluent in the 2nd quarter worth approximately $68,000. 78.09% of the stock is owned by 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.