Truist Financial Cuts Confluent (NASDAQ:CFLT) Price Target to $35.00

Confluent (NASDAQ:CFLT) had its target price decreased by equities research analysts at Truist Financial from $40.00 to $35.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 43.86% from the stock’s previous close.

Other research analysts have also issued reports about the company. Scotiabank lifted their price objective on Confluent from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. Stifel Nicolaus lifted their target price on Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Wells Fargo & Company increased their price target on Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Loop Capital lowered their price objective on shares of Confluent from $34.00 to $30.00 and set a “hold” rating for the company in a research note on Monday, March 10th. Finally, Guggenheim boosted their target price on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $35.15.

Confluent Price Performance

Confluent stock opened at $24.33 on Monday. The stock’s 50 day moving average is $29.36 and its 200 day moving average is $27.25. Confluent has a one year low of $17.79 and a one year high of $37.90. The firm has a market cap of $8.13 billion, a P/E ratio of -22.53 and a beta of 0.90. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24.

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

Insider Buying and Selling at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total value of $7,516,725.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $14,628,937.04. This represents a 33.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Kong Phan sold 3,175 shares of Confluent stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the sale, the chief accounting officer now owns 246,516 shares in the company, valued at $6,621,419.76. This trade represents a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,200,746 shares of company stock worth $38,505,150. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several institutional investors have recently added to or reduced their stakes in CFLT. California State Teachers Retirement System grew its position in shares of Confluent by 0.6% during the 4th quarter. California State Teachers Retirement System now owns 223,043 shares of the company’s stock valued at $6,236,000 after acquiring an additional 1,334 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in Confluent by 36.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 30,763 shares of the company’s stock valued at $860,000 after purchasing an additional 8,204 shares during the last quarter. Fluent Financial LLC bought a new position in Confluent during the fourth quarter valued at $606,000. Infinitum Asset Management LLC purchased a new stake in Confluent in the fourth quarter worth $10,485,000. Finally, Cache Advisors LLC bought a new stake in shares of Confluent in the fourth quarter valued at $1,322,000. Institutional investors 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.