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

Confluent (NASDAQ:CFLT) had its target price lowered by research analysts at Truist Financial from $40.00 to $35.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 48.56% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Scotiabank raised their target price on shares of Confluent from $27.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Stifel Nicolaus raised their price objective on shares of Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Barclays boosted their target price on shares of Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Loop Capital decreased their target price on Confluent from $34.00 to $30.00 and set a “hold” rating for the company in a research report on Monday, March 10th. Finally, Mizuho upped their price target on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.15.

Confluent Price Performance

NASDAQ CFLT opened at $23.56 on Monday. Confluent has a 1 year low of $17.79 and a 1 year high of $37.90. The business’s fifty day moving average is $29.21 and its two-hundred day moving average is $27.31. The stock has a market capitalization of $7.87 billion, a P/E ratio of -21.81 and a beta of 0.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. On average, research analysts forecast that Confluent will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In related news, CAO Kong Phan sold 6,346 shares of the company’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $36.22, for a total transaction of $229,852.12. Following the completion of the sale, the chief accounting officer now directly owns 179,593 shares of the company’s stock, valued at approximately $6,504,858.46. This represents a 3.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Rohan Sivaram sold 68,350 shares of Confluent stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the completion of the transaction, the chief financial officer now owns 520,273 shares in the company, valued at $18,849,490.79. This trade represents a 11.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,200,746 shares of company stock worth $38,505,150 over the last three months. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several hedge funds and other institutional investors have recently made changes to their positions in CFLT. Credit Industriel ET Commercial acquired a new position in shares of Confluent during the 4th quarter worth about $28,000. Blue Trust Inc. lifted its holdings in shares of Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after buying an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Confluent in the fourth quarter valued at approximately $59,000. GAMMA Investing LLC boosted its position in shares of Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after acquiring an additional 1,136 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Confluent in the third quarter worth $68,000. 78.09% of the stock is owned by institutional investors and hedge funds.

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.