Mizuho Cuts Confluent (NASDAQ:CFLT) Price Target to $29.00

Confluent (NASDAQ:CFLT) had its price target reduced by Mizuho from $31.00 to $29.00 in a research note published on Thursday, Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts also recently issued research reports about the stock. Piper Sandler cut their price objective on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Guggenheim reissued a “buy” rating and set a $37.00 price target on shares of Confluent in a report on Tuesday, June 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Confluent in a report on Monday, September 23rd. JPMorgan Chase & Co. raised Confluent from a “neutral” rating to an “overweight” rating and set a $25.00 target price for the company in a research note on Friday, August 9th. Finally, Bank of America decreased their price target on Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Confluent presently has an average rating of “Moderate Buy” and a consensus target price of $29.79.

Confluent Price Performance

Shares of CFLT opened at $22.45 on Thursday. The company has a market capitalization of $7.14 billion, a price-to-earnings ratio of -17.96 and a beta of 0.88. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $35.07. The firm has a 50-day simple moving average of $20.72 and a 200-day simple moving average of $25.08. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The company had revenue of $234.99 million during the quarter, compared to analysts’ expectations of $229.49 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. On average, equities research analysts anticipate that Confluent will post -0.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the transaction, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Confluent news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the sale, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chad Verbowski sold 13,540 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $293,547.20. Following the transaction, the chief technology officer now directly owns 496,807 shares in the company, valued at approximately $10,770,775.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 524,453 shares of company stock valued at $10,833,388 in the last ninety days. Insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management acquired a new stake in shares of Confluent in the first quarter worth approximately $26,000. V Square Quantitative Management LLC acquired a new position in shares of Confluent in the 2nd quarter valued at $68,000. UniSuper Management Pty Ltd grew its stake in shares of Confluent by 125.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after buying an additional 1,500 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after buying an additional 859 shares during the last quarter. Finally, Lazard Asset Management LLC increased its holdings in shares of Confluent by 25.5% during the 1st quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after buying an additional 1,167 shares during the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.