Barclays Cuts Confluent (NASDAQ:CFLT) Price Target to $24.00

Confluent (NASDAQ:CFLT) had its price target decreased by Barclays from $31.00 to $24.00 in a report released on Friday,Benzinga reports. Barclays currently has an overweight rating on the stock.

Other research analysts also recently issued reports about the stock. Piper Sandler reduced their price target on shares of Confluent from $32.00 to $27.00 and set an “overweight” rating on the stock in a research report on Thursday. UBS Group reduced their price target on shares of Confluent from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday. JMP Securities reduced their price target on shares of Confluent from $40.00 to $36.00 and set a “market outperform” rating on the stock in a research report on Thursday, May 1st. Canaccord Genuity Group reduced their price target on shares of Confluent from $38.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Finally, Guggenheim reduced their price target on shares of Confluent from $31.00 to $29.00 and set a “buy” rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, eighteen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $27.54.

Confluent Price Performance

Shares of CFLT stock opened at $17.20 on Friday. The firm has a market cap of $5.85 billion, a P/E ratio of -18.30 and a beta of 0.96. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.98 and a quick ratio of 3.98. Confluent has a 1-year low of $16.56 and a 1-year high of $37.90. The firm has a fifty day moving average of $24.34 and a two-hundred day moving average of $25.35.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. The company had revenue of $282.29 million during the quarter, compared to analyst estimates of $278.32 million. Confluent had a negative net margin of 29.27% and a negative return on equity of 27.34%. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period last year, the business earned $0.06 EPS. As a group, research analysts anticipate that Confluent will post -0.83 earnings per share for the current fiscal year.

Insider Activity at Confluent

In other Confluent news, CAO Kong Phan sold 3,575 shares of the business’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $23.49, for a total transaction of $83,976.75. Following the sale, the chief accounting officer directly owned 239,742 shares in the company, valued at approximately $5,631,539.58. The trade was a 1.47% decrease in their position. The transaction 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 dated Thursday, June 5th. The stock was sold at an average price of $24.50, for a total transaction of $5,696,250.00. Following the sale, the chief executive officer owned 452,488 shares in the company, valued at $11,085,956. This trade represents a 33.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 486,669 shares of company stock worth $11,439,593 in the last three months. Insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

A number of hedge funds and other institutional investors have recently made changes to their positions in CFLT. Fuller & Thaler Asset Management Inc. bought a new stake in shares of Confluent in the 4th quarter worth approximately $64,658,000. 1832 Asset Management L.P. bought a new stake in shares of Confluent in the 1st quarter worth approximately $48,547,000. Vanguard Group Inc. raised its holdings in shares of Confluent by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 26,620,150 shares of the company’s stock worth $623,976,000 after purchasing an additional 1,791,588 shares in the last quarter. Alyeska Investment Group L.P. raised its holdings in shares of Confluent by 220.2% in the 1st quarter. Alyeska Investment Group L.P. now owns 2,597,346 shares of the company’s stock worth $60,882,000 after purchasing an additional 1,786,116 shares in the last quarter. Finally, Driehaus Capital Management LLC bought a new stake in shares of Confluent in the 1st quarter worth approximately $39,944,000. 78.09% of the stock is currently 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.