Canaccord Genuity Group Issues Pessimistic Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its price objective dropped by analysts at Canaccord Genuity Group from $38.00 to $32.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 61.45% from the company’s current price.

CFLT has been the topic of a number of other research reports. Guggenheim decreased their target price on shares of Confluent from $38.00 to $31.00 and set a “buy” rating on the stock in a research report on Thursday. Barclays dropped their price objective on Confluent from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Thursday. Morgan Stanley reduced their price target on shares of Confluent from $32.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 16th. Piper Sandler dropped their price target on Confluent from $40.00 to $32.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, JMP Securities lowered their price target on shares of Confluent from $40.00 to $36.00 and set a “market outperform” rating for the company in a research report on Thursday. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Confluent presently has an average rating of “Moderate Buy” and an average target price of $30.28.

Confluent Stock Up 2.0 %

CFLT opened at $19.82 on Thursday. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The company’s 50-day moving average price is $24.45 and its two-hundred day moving average price is $27.38. Confluent has a twelve month low of $17.79 and a twelve month high of $37.90. The stock has a market cap of $6.62 billion, a price-to-earnings ratio of -18.35 and a beta of 1.03.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The business had revenue of $271.12 million during the quarter, compared to the consensus estimate of $264.45 million. During the same quarter last year, the company earned $0.05 EPS. The firm’s revenue was up 24.8% compared to the same quarter last year. As a group, equities analysts expect that Confluent will post -0.83 earnings per share for the current year.

Insider Activity at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $13,285,047.68. This represents a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Kong Phan sold 3,175 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $26.86, for a total value of $85,280.50. Following the sale, the chief accounting officer now directly owns 246,516 shares of the company’s stock, valued at approximately $6,621,419.76. This trade represents a 1.27 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,200,746 shares of company stock valued at $38,505,150. 13.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Tidal Investments LLC raised its stake in shares of Confluent by 521.0% in the 3rd quarter. Tidal Investments LLC now owns 50,545 shares of the company’s stock valued at $1,030,000 after purchasing an additional 42,406 shares in the last quarter. GAMMA Investing LLC increased its position in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after acquiring an additional 1,136 shares during the period. Diversified Trust Co raised its stake in shares of Confluent by 21.5% during the fourth quarter. Diversified Trust Co now owns 73,529 shares of the company’s stock valued at $2,056,000 after purchasing an additional 13,026 shares in the last quarter. Moody National Bank Trust Division bought a new stake in shares of Confluent during the 4th quarter worth about $203,000. Finally, Friedenthal Financial acquired a new stake in Confluent in the fourth quarter worth approximately $758,000. 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.