Analysts Set Confluent, Inc. (NASDAQ:CFLT) Price Target at $29.97

Confluent, Inc. (NASDAQ:CFLT) has received a consensus rating of “Moderate Buy” from the thirty research firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation, twenty-one have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $29.97.

Several analysts have commented on CFLT shares. Citigroup decreased their price target on shares of Confluent from $32.00 to $28.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 30th. Mizuho decreased their target price on Confluent from $36.00 to $34.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. Royal Bank of Canada dropped their price target on Confluent from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Canaccord Genuity Group reduced their price objective on Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Finally, Stifel Nicolaus lowered their target price on Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, August 1st.

Confluent Stock Down 0.4 %

NASDAQ CFLT opened at $22.28 on Friday. Confluent has a 12 month low of $14.69 and a 12 month high of $35.07. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. The stock has a market cap of $7.08 billion, a PE ratio of -17.82 and a beta of 0.88. The stock’s 50 day moving average is $20.57 and its 200 day moving average is $25.20.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. The company had revenue of $234.99 million for the quarter, compared to the consensus estimate of $229.49 million. Research analysts predict that Confluent will post -0.95 EPS for the current fiscal year.

Insider Buying and Selling at Confluent

In other news, Director Lara Caimi sold 9,375 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $20.01, for a total transaction of $187,593.75. Following the transaction, the director now owns 7,160 shares of the company’s stock, valued at approximately $143,271.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Confluent news, Director Lara Caimi sold 9,375 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the sale, the director now directly owns 7,160 shares in the company, valued at $143,271.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Erica Schultz sold 9,556 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $207,174.08. Following the transaction, the insider now directly owns 687,483 shares in the company, valued at approximately $14,904,631.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 524,453 shares of company stock valued at $10,833,388 in the last ninety days. Corporate 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 the business. SWS Partners acquired a new position in shares of Confluent in the 3rd quarter valued at about $802,000. Creative Planning raised its holdings in Confluent by 109.9% in the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after purchasing an additional 49,699 shares during the period. Diversified Trust Co boosted its position in Confluent by 110.3% during the third quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after purchasing an additional 31,729 shares in the last quarter. Handelsbanken Fonder AB grew its holdings in Confluent by 48.1% in the third quarter. Handelsbanken Fonder AB now owns 67,692 shares of the company’s stock valued at $1,380,000 after purchasing an additional 22,000 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Confluent by 85.0% in the third quarter. SG Americas Securities LLC now owns 85,799 shares of the company’s stock valued at $1,749,000 after buying an additional 39,427 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.