Credit Suisse Group Lowers Confluent (NASDAQ:CFLT) Price Target to $65.00

Confluent (NASDAQ:CFLTGet Rating) had its price target dropped by equities researchers at Credit Suisse Group from $80.00 to $65.00 in a report released on Thursday, Marketbeat reports. The brokerage currently has an “outperform” rating on the stock. Credit Suisse Group’s price objective would indicate a potential upside of 92.71% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Piper Sandler decreased their target price on shares of Confluent from $40.00 to $34.00 in a research report on Wednesday, July 13th. Morgan Stanley increased their target price on shares of Confluent from $39.00 to $42.00 and gave the company an “equal weight” rating in a research report on Thursday. Citigroup increased their target price on shares of Confluent from $26.00 to $32.00 in a research report on Thursday. Scotiabank started coverage on shares of Confluent in a report on Wednesday, June 8th. They issued an “outperform” rating and a $27.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Confluent from $28.00 to $32.00 in a report on Thursday. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

Confluent Trading Up 4.3 %

NASDAQ:CFLT opened at $33.73 on Thursday. Confluent has a 52 week low of $16.48 and a 52 week high of $94.97. The firm has a 50 day moving average of $23.86 and a 200 day moving average of $35.04. The company has a quick ratio of 6.64, a current ratio of 6.64 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $9.39 billion, a price-to-earnings ratio of -20.69 and a beta of 1.30.

Confluent (NASDAQ:CFLTGet Rating) last posted its earnings results on Thursday, May 5th. The company reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.01. Confluent had a negative net margin of 90.30% and a negative return on equity of 48.98%. The company had revenue of $126.10 million during the quarter, compared to analysts’ expectations of $118.49 million. During the same quarter in the prior year, the company posted ($0.29) earnings per share. Confluent’s revenue for the quarter was up 63.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Confluent will post -1.64 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In other Confluent news, major shareholder Brad Gerstner acquired 98,500 shares of the business’s stock in a transaction dated Monday, May 16th. The shares were purchased at an average price of $20.28 per share, for a total transaction of $1,997,580.00. Following the completion of the purchase, the insider now directly owns 14,423,457 shares of the company’s stock, valued at $292,507,707.96. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other Confluent news, major shareholder Brad Gerstner acquired 98,500 shares of the business’s stock in a transaction dated Monday, May 16th. The shares were purchased at an average price of $20.28 per share, for a total transaction of $1,997,580.00. Following the completion of the purchase, the insider now directly owns 14,423,457 shares of the company’s stock, valued at $292,507,707.96. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michelangelo Volpi sold 21,058 shares of the firm’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $18.28, for a total transaction of $384,940.24. The disclosure for this sale can be found here. Insiders have sold 26,547 shares of company stock worth $485,245 over the last 90 days. 27.94% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System acquired a new stake in Confluent during the second quarter valued at $1,165,000. Focused Wealth Management Inc grew its position in Confluent by 101.8% during the second quarter. Focused Wealth Management Inc now owns 1,725 shares of the company’s stock valued at $40,000 after buying an additional 870 shares during the period. Vishria Bird Financial Group LLC purchased a new position in Confluent during the second quarter valued at $1,661,000. TD Asset Management Inc. lifted its holdings in Confluent by 14.0% during the second quarter. TD Asset Management Inc. now owns 1,234,884 shares of the company’s stock valued at $28,699,000 after purchasing an additional 152,000 shares in the last quarter. Finally, Janney Montgomery Scott LLC purchased a new position in Confluent during the second quarter valued at $325,000. Institutional investors and hedge funds own 37.20% of the company’s stock.

About Confluent

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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.

Further Reading

Analyst Recommendations for Confluent (NASDAQ:CFLT)

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