Confluent (NASDAQ:CFLT) Price Target Lowered to $80.00 at Credit Suisse Group

Confluent (NASDAQ:CFLTGet Rating) had its price target reduced by equities research analysts at Credit Suisse Group from $100.00 to $80.00 in a research note issued on Friday, The Fly reports. Credit Suisse Group’s price target suggests a potential upside of 183.19% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. The Goldman Sachs Group lowered their price target on Confluent from $75.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, April 14th. Zacks Investment Research upgraded Confluent from a “sell” rating to a “hold” rating in a research note on Thursday, March 17th. Barclays reduced their price objective on Confluent from $71.00 to $44.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 19th. DA Davidson upgraded Confluent from a “neutral” rating to a “buy” rating and set a $76.00 price objective for the company in a research note on Tuesday, January 25th. They noted that the move was a valuation call. Finally, Citigroup assumed coverage on Confluent in a research note on Tuesday, January 11th. They issued a “neutral” rating and a $80.00 price objective for the company. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $62.53.

CFLT opened at $28.25 on Friday. Confluent has a 12-month low of $27.43 and a 12-month high of $94.97. The company has a debt-to-equity ratio of 1.27, a current ratio of 6.39 and a quick ratio of 6.39. The business’s fifty day simple moving average is $37.26 and its 200-day simple moving average is $57.61.

Confluent (NASDAQ:CFLTGet Rating) last issued its quarterly earnings data on Thursday, May 5th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.23. Confluent had a negative return on equity of 51.90% and a negative net margin of 88.38%. The company had revenue of $126.10 million for the quarter, compared to the consensus estimate of $118.49 million. During the same quarter last year, the company earned ($0.29) earnings per share. The firm’s revenue for the quarter was up 63.8% compared to the same quarter last year. Equities analysts predict that Confluent will post -1.57 earnings per share for the current fiscal year.

In other news, major shareholder Brad Gerstner bought 61,700 shares of the firm’s stock in a transaction that occurred on Wednesday, March 16th. The stock was purchased at an average cost of $32.43 per share, with a total value of $2,000,931.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $44.41, for a total value of $10,325,325.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 774,583 shares of company stock valued at $29,211,858 and have sold 634,025 shares valued at $27,704,768. Corporate insiders own 27.94% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Coatue Management LLC lifted its position in Confluent by 314.4% during the 3rd quarter. Coatue Management LLC now owns 7,147,939 shares of the company’s stock worth $413,384,000 after acquiring an additional 5,422,939 shares during the period. Lone Pine Capital LLC lifted its position in Confluent by 215.4% during the 4th quarter. Lone Pine Capital LLC now owns 4,398,572 shares of the company’s stock worth $335,347,000 after acquiring an additional 3,003,928 shares during the period. First Trust Advisors LP raised its stake in shares of Confluent by 1,727.6% during the 4th quarter. First Trust Advisors LP now owns 1,708,193 shares of the company’s stock worth $130,233,000 after buying an additional 1,614,726 shares in the last quarter. 12 West Capital Management LP purchased a new position in shares of Confluent during the 4th quarter worth approximately $98,350,000. Finally, Morgan Stanley purchased a new position in shares of Confluent during the 2nd quarter worth approximately $36,452,000. 37.20% of the stock is owned by hedge funds and other institutional investors.

About Confluent (Get Rating)

Confluent, Inc operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data in real-time with the foundational platform for data in motion.

Featured Stories

The Fly logo

Analyst Recommendations for Confluent (NASDAQ:CFLT)

Receive News & Ratings for Confluent Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Confluent and related companies with MarketBeat.com's FREE daily email newsletter.