Cowen Lowers Confluent (NASDAQ:CFLT) Price Target to $35.00

Confluent (NASDAQ:CFLTGet Rating) had its price target lowered by equities researchers at Cowen from $39.00 to $35.00 in a report issued on Thursday, The Fly reports. The brokerage presently has an “outperform” rating on the stock. Cowen’s target price points to a potential upside of 63.17% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Confluent from $30.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, November 3rd. Credit Suisse Group reduced their price target on shares of Confluent from $65.00 to $55.00 and set an “outperform” rating for the company in a research report on Thursday, November 3rd. Citigroup cut their price objective on Confluent from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, November 1st. Barclays upgraded Confluent from an “equal weight” rating to an “overweight” rating and cut their price objective for the stock from $27.00 to $24.00 in a research report on Tuesday, January 10th. Finally, Scotiabank downgraded Confluent from a “sector outperform” rating to a “sector perform” rating and set a $21.00 price objective for the company. in a research report on Friday, January 6th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $33.25.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $21.45 on Thursday. The company has a quick ratio of 5.74, a current ratio of 5.74 and a debt-to-equity ratio of 1.38. The company has a market cap of $6.14 billion, a P/E ratio of -12.84 and a beta of 1.01. Confluent has a 52 week low of $16.48 and a 52 week high of $81.11. The company has a 50-day moving average price of $21.66 and a 200 day moving average price of $24.55.

Confluent (NASDAQ:CFLTGet Rating) last posted its quarterly earnings results on Wednesday, November 2nd. The company reported ($0.40) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.40). Confluent had a negative net margin of 85.83% and a negative return on equity of 55.60%. The company had revenue of $151.73 million during the quarter, compared to the consensus estimate of $144.39 million. Research analysts predict that Confluent will post -1.62 earnings per share for the current year.

Insiders Place Their Bets

In other Confluent news, SVP Chad Verbowski sold 7,668 shares of Confluent stock in a transaction that occurred on Wednesday, December 21st. The shares were sold at an average price of $23.11, for a total value of $177,207.48. Following the completion of the sale, the senior vice president now directly owns 330,723 shares of the company’s stock, valued at approximately $7,643,008.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Chad Verbowski sold 7,668 shares of the business’s stock in a transaction on Wednesday, December 21st. The shares were sold at an average price of $23.11, for a total transaction of $177,207.48. Following the completion of the sale, the senior vice president now directly owns 330,723 shares of the company’s stock, valued at approximately $7,643,008.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Monday, December 5th. The shares were sold at an average price of $20.97, for a total transaction of $4,875,525.00. The disclosure for this sale can be found here. In the last three months, insiders sold 829,987 shares of company stock valued at $18,552,363. Company insiders own 27.94% of the company’s stock.

Institutional Trading of Confluent

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its holdings in shares of Confluent by 720.4% during the 1st quarter. Bank of New York Mellon Corp now owns 272,441 shares of the company’s stock valued at $11,170,000 after acquiring an additional 239,232 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Confluent by 3,176.6% during the 1st quarter. Bank of Montreal Can now owns 149,968 shares of the company’s stock valued at $6,215,000 after acquiring an additional 145,391 shares in the last quarter. Great West Life Assurance Co. Can acquired a new position in shares of Confluent during the 1st quarter valued at $5,322,000. Dimensional Fund Advisors LP acquired a new position in shares of Confluent during the 1st quarter valued at $507,000. Finally, Blair William & Co. IL lifted its holdings in shares of Confluent by 13.1% during the 1st quarter. Blair William & Co. IL now owns 19,335 shares of the company’s stock valued at $793,000 after acquiring an additional 2,235 shares in the last quarter. 40.66% of the stock is owned by hedge funds and other institutional investors.

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.

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