Truist Financial Has Lowered Expectations for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its price objective cut by Truist Financial from $35.00 to $30.00 in a research note published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also issued reports on CFLT. Barclays lowered their target price on Confluent from $37.00 to $29.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Needham & Company LLC cut their target price on shares of Confluent from $40.00 to $26.00 and set a “buy” rating for the company in a research report on Thursday. Scotiabank lowered their price target on shares of Confluent from $35.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 24th. Royal Bank of Canada raised their price objective on shares of Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Piper Sandler lowered their target price on shares of Confluent from $40.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.28.

Confluent Trading Up 2.0 %

NASDAQ CFLT opened at $19.82 on Thursday. The stock has a market capitalization of $6.62 billion, a price-to-earnings ratio of -18.35 and a beta of 1.03. The business’s fifty day moving average is $24.45 and its 200-day moving average is $27.42. 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 has a one year low of $17.79 and a one year high of $37.90.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The firm had revenue of $271.12 million for the quarter, compared to analysts’ expectations of $264.45 million. During the same period in the previous year, the company earned $0.05 earnings per share. The company’s quarterly revenue was up 24.8% on a year-over-year basis. Equities research analysts predict that Confluent will post -0.83 EPS for the current year.

Insider Activity

In other news, CAO Kong Phan sold 6,346 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.22, for a total transaction of $229,852.12. Following the transaction, the chief accounting officer now directly owns 179,593 shares of the company’s stock, valued at approximately $6,504,858.46. The trade was a 3.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michelangelo Volpi sold 25,000 shares of the firm’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $36.22, for a total value of $905,500.00. Following the completion of the sale, the director now directly owns 292,079 shares of the company’s stock, valued at $10,579,101.38. The trade was a 7.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,200,746 shares of company stock valued at $38,505,150. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in Confluent in the fourth quarter worth about $81,092,000. Pictet Asset Management Holding SA raised its position in shares of Confluent by 7,342.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock worth $65,748,000 after acquiring an additional 2,319,919 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Confluent in the 4th quarter valued at approximately $64,658,000. Vishria Bird Financial Group LLC boosted its position in shares of Confluent by 1,301.3% during the first quarter. Vishria Bird Financial Group LLC now owns 1,234,929 shares of the company’s stock valued at $28,947,000 after purchasing an additional 1,146,803 shares in the last quarter. Finally, MIG Capital LLC purchased a new stake in Confluent in the fourth quarter worth $27,007,000. 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.