Confluent (NASDAQ:CFLT) Price Target Cut to $32.00 by Analysts at Wells Fargo & Company

Confluent (NASDAQ:CFLT) had its target price cut by Wells Fargo & Company from $42.00 to $32.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms also recently commented on CFLT. Scotiabank lifted their price objective on Confluent from $27.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Barclays lowered their price objective on shares of Confluent from $37.00 to $29.00 and set an “overweight” rating on the stock in a research report on Monday. Royal Bank of Canada boosted their target price on shares of Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Loop Capital dropped their price target on Confluent from $34.00 to $30.00 and set a “hold” rating on the stock in a research note on Monday, March 10th. Finally, Evercore ISI upped their price objective on Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $34.07.

Confluent Trading Up 1.2 %

Confluent stock opened at $20.64 on Tuesday. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. The company has a market capitalization of $6.89 billion, a price-to-earnings ratio of -19.11 and a beta of 1.03. The business’s fifty day simple moving average is $26.10 and its two-hundred day simple moving average is $27.36. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. As a group, equities analysts predict that Confluent will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $29.36, for a total transaction of $6,826,200.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $13,285,047.68. This represents a 33.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Kong Phan sold 3,175 shares of Confluent stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the completion of the transaction, the chief accounting officer now owns 246,516 shares of the company’s stock, valued at approximately $6,621,419.76. This represents a 1.27 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,200,746 shares of company stock worth $38,505,150. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several institutional investors have recently modified their holdings of CFLT. M&T Bank Corp lifted its position in Confluent by 12.3% in the fourth quarter. M&T Bank Corp now owns 21,540 shares of the company’s stock worth $602,000 after buying an additional 2,367 shares during the last quarter. Friedenthal Financial bought a new position in Confluent during the 4th quarter valued at about $758,000. Victory Capital Management Inc. raised its position in Confluent by 135.7% in the 4th quarter. Victory Capital Management Inc. now owns 648,986 shares of the company’s stock worth $18,146,000 after purchasing an additional 373,682 shares during the period. Truist Financial Corp lifted its stake in Confluent by 2.5% in the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock worth $589,000 after purchasing an additional 514 shares during the last quarter. Finally, Stratos Wealth Advisors LLC purchased a new position in shares of Confluent during the fourth quarter valued at approximately $252,000. 78.09% of the stock is owned by institutional investors.

About Confluent

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.