Sanford C. Bernstein Cuts Confluent (NASDAQ:CFLT) Price Target to $33.00

Confluent (NASDAQ:CFLT) had its price objective lowered by Sanford C. Bernstein from $38.00 to $33.00 in a research note released on Friday, Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities analysts also recently issued research reports about the company. Canaccord Genuity Group decreased their target price on Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Scotiabank decreased their price objective on Confluent from $28.00 to $25.00 and set a “sector perform” rating on the stock in a report on Thursday, August 1st. Wolfe Research upgraded Confluent to a “strong-buy” rating in a research report on Wednesday, September 18th. Evercore ISI reduced their target price on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. Finally, Mizuho lowered their price target on shares of Confluent from $31.00 to $29.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and an average price target of $29.79.

Confluent Trading Up 3.3 %

CFLT stock opened at $22.53 on Friday. Confluent has a one year low of $14.69 and a one year high of $35.07. The stock has a market cap of $7.16 billion, a price-to-earnings ratio of -18.02 and a beta of 0.88. The company has a fifty day moving average price of $20.78 and a two-hundred day moving average price of $24.78. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44.

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

Insider Activity at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $9,561,071.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total value of $4,912,725.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,561,071.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Rohan Sivaram sold 22,926 shares of Confluent stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $497,035.68. Following the sale, the chief financial officer now directly owns 555,337 shares in the company, valued at $12,039,706.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 524,453 shares of company stock valued at $10,833,388 over the last ninety days. 13.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Lake Street Advisors Group LLC grew its position in Confluent by 14.0% during the 3rd quarter. Lake Street Advisors Group LLC now owns 18,481 shares of the company’s stock worth $377,000 after acquiring an additional 2,263 shares during the last quarter. SWS Partners acquired a new stake in shares of Confluent during the third quarter valued at about $802,000. Creative Planning grew its holdings in shares of Confluent by 109.9% during the third quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after purchasing an additional 49,699 shares during the last quarter. Diversified Trust Co increased its stake in shares of Confluent by 110.3% in the third quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock valued at $1,233,000 after buying an additional 31,729 shares during the period. Finally, Handelsbanken Fonder AB increased its stake in shares of Confluent by 48.1% in the third quarter. Handelsbanken Fonder AB now owns 67,692 shares of the company’s stock valued at $1,380,000 after buying an additional 22,000 shares during the period. 78.09% of the stock is currently owned by 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.