Confluent (NASDAQ:CFLT) Price Target Cut to $30.00 by Analysts at Royal Bank of Canada

Confluent (NASDAQ:CFLT) had its price objective cut by Royal Bank of Canada from $35.00 to $30.00 in a report published on Thursday, Benzinga reports. They currently have an outperform rating on the stock.

Several other analysts have also commented on CFLT. Mizuho lowered their price objective on shares of Confluent from $36.00 to $34.00 and set an outperform rating on the stock in a research report on Tuesday, July 16th. Guggenheim restated a buy rating and set a $37.00 price target on shares of Confluent in a research note on Tuesday, June 25th. Evercore ISI assumed coverage on shares of Confluent in a research note on Tuesday, June 11th. They set an outperform rating and a $35.00 price target on the stock. DA Davidson decreased their price target on shares of Confluent from $37.00 to $30.00 and set a buy rating on the stock in a report on Thursday. Finally, Canaccord Genuity Group decreased their price target on shares of Confluent from $35.00 to $34.00 and set a buy rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $31.04.

Confluent Stock Down 3.2 %

Confluent stock traded down $0.61 during midday trading on Thursday, hitting $18.67. 5,469,671 shares of the stock were exchanged, compared to its average volume of 4,580,026. Confluent has a 52-week low of $14.69 and a 52-week high of $35.47. The stock has a market capitalization of $5.93 billion, a price-to-earnings ratio of -15.05 and a beta of 0.91. The business’s 50-day moving average price is $26.64 and its 200-day moving average price is $28.54. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share 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 analysts’ expectations of $211.57 million. Confluent had a negative return on equity of 38.46% and a negative net margin of 42.70%. On average, research analysts expect that Confluent will post -0.94 EPS for the current fiscal year.

Insider Transactions at Confluent

In other news, CTO Chad Verbowski sold 13,413 shares of Confluent stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.96, for a total value of $428,679.48. Following the completion of the sale, the chief technology officer now directly owns 518,659 shares in the company, valued at $16,576,341.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CTO Chad Verbowski sold 13,413 shares of the business’s stock in a transaction that occurred on 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 directly owns 518,659 shares in the company, valued at $16,576,341.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $26.01, for a total transaction of $1,657,591.29. Following the sale, the insider now owns 697,039 shares of the company’s stock, valued at $18,129,984.39. The disclosure for this sale can be found here. Insiders sold 632,725 shares of company stock worth $18,138,428 over the last three months. 13.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Confluent

Several large investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new position in shares of Confluent in the first quarter worth $26,000. Rakuten Securities Inc. purchased a new position in shares of Confluent in the fourth quarter worth $31,000. Quest Partners LLC purchased a new position in shares of Confluent in the fourth quarter worth $31,000. GAMMA Investing LLC purchased a new stake in Confluent during the fourth quarter valued at $35,000. Finally, V Square Quantitative Management LLC purchased a new stake in Confluent during the second quarter valued at $68,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.