Confluent (NASDAQ:CFLT) Price Target Cut to $35.00 by Analysts at Truist Financial

Confluent (NASDAQ:CFLT) had its price target decreased by Truist Financial from $40.00 to $35.00 in a report released on Monday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other analysts also recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price target on shares of Confluent in a research report on Friday, March 7th. UBS Group upgraded shares of Confluent from a “neutral” rating to a “buy” rating and lifted their target price for the company from $34.00 to $38.00 in a research report on Wednesday, February 26th. Evercore ISI increased their price target on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Guggenheim raised their price objective on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, Piper Sandler upped 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.15.

Confluent Stock Performance

NASDAQ:CFLT opened at $23.44 on Monday. The business’s fifty day moving average is $29.29 and its 200 day moving average is $27.28. The firm has a market cap of $7.83 billion, a price-to-earnings ratio of -21.70 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 has a 52-week low of $17.79 and a 52-week high of $37.90.

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

Insider Transactions at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $14,628,937.04. This trade represents a 33.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Kong Phan sold 3,175 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the completion of the transaction, the chief accounting officer now owns 246,516 shares of the company’s stock, valued at $6,621,419.76. This represents a 1.27 % 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 valued at $38,505,150 in the last ninety days. 13.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Confluent

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

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.