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

Confluent (NASDAQ:CFLT) had its price objective cut by investment analysts at Mizuho from $31.00 to $29.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s price target would indicate a potential upside of 29.18% from the stock’s current price.

Several other equities analysts have also commented on CFLT. Scotiabank decreased their price target on Confluent from $28.00 to $25.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 1st. Wells Fargo & Company decreased their price target on Confluent from $38.00 to $34.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Baird R W raised Confluent to a “hold” rating in a research note on Wednesday, September 4th. Guggenheim reaffirmed a “buy” rating and issued a $37.00 price target on shares of Confluent in a research note on Tuesday, June 25th. 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 investment 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.79.

Confluent Stock Performance

NASDAQ CFLT opened at $22.45 on Thursday. The stock’s fifty day moving average is $20.72 and its two-hundred day moving average is $25.11. The firm has a market capitalization of $7.14 billion, a P/E ratio of -17.96 and a beta of 0.88. 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 has a fifty-two week low of $14.69 and a fifty-two week high of $35.07.

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

Insider Activity

In other news, insider Erica Schultz sold 9,556 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $207,174.08. Following the transaction, the insider now owns 687,483 shares in the company, valued at approximately $14,904,631.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,045,235.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Erica Schultz sold 9,556 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $207,174.08. Following the completion of the sale, the insider now directly owns 687,483 shares of the company’s stock, valued at approximately $14,904,631.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 524,453 shares of company stock worth $10,833,388. 13.82% of the stock is currently owned by insiders.

Institutional Trading of Confluent

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Confluent by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock valued at $602,505,000 after purchasing an additional 669,675 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Confluent by 17.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after purchasing an additional 2,587,169 shares during the period. 1832 Asset Management L.P. lifted its position in Confluent by 28.4% during the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after acquiring an additional 1,684,100 shares during the period. William Blair Investment Management LLC purchased a new position in shares of Confluent in the 2nd quarter valued at approximately $193,403,000. Finally, Champlain Investment Partners LLC purchased a new position in shares of Confluent in the 1st quarter valued at approximately $144,563,000. 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.