Robert W. Baird Has Lowered Expectations for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its target price cut by Robert W. Baird from $37.00 to $24.00 in a research note published on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

CFLT has been the subject of several other reports. Piper Sandler raised their target price on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Barclays cut their price objective on Confluent from $37.00 to $29.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Canaccord Genuity Group increased their target price on Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. UBS Group upgraded Confluent from a “neutral” rating to a “buy” rating and lifted their price target for the company from $34.00 to $38.00 in a research report on Wednesday, February 26th. Finally, Raymond James initiated coverage on Confluent in a report on Friday, April 11th. They issued an “outperform” rating and a $30.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.28.

Confluent Stock Performance

Confluent stock opened at $19.82 on Thursday. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90. The firm has a market cap of $6.62 billion, a P/E 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. The firm has a 50-day moving average of $24.45 and a 200-day moving average of $27.42.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The firm had revenue of $271.12 million for the quarter, compared to analyst estimates of $264.45 million. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The business’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same period last year, the company earned $0.05 EPS. Sell-side analysts expect that Confluent will post -0.83 EPS for the current year.

Insider Activity

In other Confluent news, insider Erica Schultz sold 150,000 shares of the business’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $35.82, for a total transaction of $5,373,000.00. Following the completion of the sale, the insider now directly owns 678,016 shares in the company, valued at approximately $24,286,533.12. The trade was a 18.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Kong Phan sold 2,178 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $31.58, for a total value of $68,781.24. Following the completion of the transaction, the chief accounting officer now owns 177,415 shares in the company, valued at approximately $5,602,765.70. This trade represents a 1.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,200,746 shares of company stock valued at $38,505,150 over the last three months. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of institutional investors and hedge funds have recently made changes to their positions in the business. ProShare Advisors LLC raised its position in Confluent by 3.1% in the fourth quarter. ProShare Advisors LLC now owns 10,774 shares of the company’s stock worth $301,000 after acquiring an additional 328 shares during the period. Commonwealth Equity Services LLC lifted its position in Confluent by 4.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock valued at $323,000 after purchasing an additional 458 shares in the last quarter. Truist Financial Corp grew its holdings in Confluent by 2.5% during the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock valued at $589,000 after purchasing an additional 514 shares during the period. Amalgamated Bank increased its position in Confluent by 3.4% in the first quarter. Amalgamated Bank now owns 16,995 shares of the company’s stock worth $398,000 after buying an additional 566 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Confluent by 26.8% in the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company’s stock worth $73,000 after buying an additional 661 shares during the period. Hedge funds and other 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.