JMP Securities Lowers Confluent (NASDAQ:CFLT) Price Target to $36.00

Confluent (NASDAQ:CFLT) had its target price cut by analysts at JMP Securities from $40.00 to $36.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ price target points to a potential upside of 81.63% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Morgan Stanley dropped their price objective on shares of Confluent from $32.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. Bank of America boosted their price target on Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 12th. Stifel Nicolaus reduced their price objective on Confluent from $40.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday. Barclays dropped their target price on Confluent from $29.00 to $27.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Canaccord Genuity Group raised their price target on Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Confluent currently has an average rating of “Moderate Buy” and a consensus target price of $30.28.

Confluent Stock Up 2.0 %

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

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

Insider Activity

In other Confluent news, insider Erica Schultz sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $35.82, for a total transaction of $5,373,000.00. Following the sale, the insider now owns 678,016 shares in the company, valued at approximately $24,286,533.12. This trade represents a 18.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $14,628,937.04. This represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,200,746 shares of company stock valued at $38,505,150 in the last ninety days. Corporate insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Cloud Capital Management LLC bought a new stake in shares of Confluent during the first quarter valued at approximately $26,000. Credit Industriel ET Commercial bought a new stake in Confluent in the 4th quarter valued at $28,000. Versant Capital Management Inc increased its holdings in Confluent by 2,458.2% in the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company’s stock valued at $40,000 after acquiring an additional 1,647 shares during the last quarter. Blue Trust Inc. lifted its stake in Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after purchasing an additional 1,607 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in shares of Confluent during the 4th quarter valued at about $59,000. 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.