Barclays Cuts Confluent (NASDAQ:CFLT) Price Target to $27.00

Confluent (NASDAQ:CFLT) had its price target lowered by Barclays from $29.00 to $27.00 in a research report released on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities analysts also recently issued reports on the stock. Wells Fargo & Company dropped their price objective on shares of Confluent from $42.00 to $32.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Morgan Stanley cut their price objective on shares of Confluent from $32.00 to $25.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Piper Sandler decreased their target price on Confluent from $40.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday. Robert W. Baird cut their price target on Confluent from $37.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday. Finally, Evercore ISI reduced their price target on Confluent from $29.00 to $28.00 and set an “outperform” rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.28.

Confluent Price Performance

Shares of CFLT opened at $19.82 on Thursday. The firm has a fifty day simple moving average of $24.45 and a two-hundred day simple moving average of $27.42. The firm has a market cap of $6.62 billion, a PE ratio of -18.35 and a beta of 1.03. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90.

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

Insider Buying and Selling at Confluent

In other Confluent news, CAO Kong Phan sold 3,175 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total transaction of $85,280.50. Following the sale, the chief accounting officer now directly owns 246,516 shares in the company, valued at $6,621,419.76. This represents a 1.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Erica Schultz sold 150,000 shares of Confluent stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $35.82, for a total value of $5,373,000.00. Following the completion of the transaction, the insider now owns 678,016 shares of the company’s stock, valued at approximately $24,286,533.12. This trade represents a 18.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,200,746 shares of company stock worth $38,505,150 over the last 90 days. 13.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Confluent by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock worth $694,207,000 after acquiring an additional 599,582 shares during the last quarter. Champlain Investment Partners LLC lifted its stake in Confluent by 1.3% in the fourth quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock worth $302,940,000 after purchasing an additional 133,908 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Confluent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock valued at $123,339,000 after buying an additional 84,163 shares during the period. Jericho Capital Asset Management L.P. grew its stake in shares of Confluent by 18.1% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock valued at $83,880,000 after buying an additional 459,000 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Confluent in the fourth quarter worth approximately $81,092,000. 78.09% of the stock is owned by hedge funds and other 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.