Confluent (NASDAQ:CFLT) Price Target Lowered to $33.00 at Sanford C. Bernstein

Confluent (NASDAQ:CFLT) had its price objective reduced by analysts at Sanford C. Bernstein from $38.00 to $33.00 in a report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Sanford C. Bernstein’s price target would suggest a potential upside of 51.38% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Royal Bank of Canada dropped their price target on Confluent from $35.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Robert W. Baird initiated coverage on shares of Confluent in a report on Wednesday, September 4th. They set a “neutral” rating and a $23.00 target price on the stock. JPMorgan Chase & Co. upgraded shares of Confluent from a “neutral” rating to an “overweight” rating and set a $25.00 price target for the company in a research note on Friday, August 9th. Mizuho dropped their price objective on shares of Confluent from $31.00 to $29.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Finally, Bank of America decreased their target price on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $29.76.

Confluent Stock Up 2.4 %

Shares of NASDAQ CFLT opened at $21.80 on Friday. The firm has a fifty day simple moving average of $20.77 and a two-hundred day simple moving average of $24.90. Confluent has a 12 month low of $14.69 and a 12 month high of $35.07. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $6.93 billion, a PE ratio of -17.44 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The company had revenue of $234.99 million during the quarter, compared to the consensus estimate of $229.49 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. Equities analysts expect that Confluent will post -0.95 earnings per share for the current year.

Insider Transactions at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction 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 approximately $9,561,071.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Lara Caimi sold 9,375 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $20.01, for a total transaction of $187,593.75. Following the completion of the transaction, the director now directly owns 7,160 shares in the company, valued at approximately $143,271.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’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 sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,561,071.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 524,453 shares of company stock worth $10,833,388 in the last three months. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Hollencrest Capital Management purchased a new stake in Confluent during the 1st quarter valued at approximately $26,000. V Square Quantitative Management LLC purchased a new stake in Confluent during the second quarter valued at approximately $68,000. UniSuper Management Pty Ltd lifted 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 worth $82,000 after buying an additional 1,500 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings 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 worth $91,000 after acquiring an additional 859 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its stake in Confluent by 25.5% in the first 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 last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.