Confluent (NASDAQ:CFLT) Price Target Cut to $30.00 by Analysts at Loop Capital

Confluent (NASDAQ:CFLT) had its price objective decreased by research analysts at Loop Capital from $34.00 to $30.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Loop Capital’s price objective would suggest a potential upside of 20.42% from the stock’s current price.

Several other research firms have also issued reports on CFLT. Truist Financial raised their price target on shares of Confluent from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Wells Fargo & Company upped their price target on shares of Confluent from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Barclays lifted their price objective on Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Royal Bank of Canada upped their target price on Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Finally, William Blair reaffirmed an “outperform” rating on shares of Confluent in a research note on Friday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $35.33.

Confluent Price Performance

Shares of Confluent stock traded down $1.70 during midday trading on Monday, hitting $24.91. 6,045,444 shares of the company traded hands, compared to its average volume of 4,226,876. The firm’s fifty day moving average price is $29.93 and its 200-day moving average price is $26.66. The stock has a market cap of $8.32 billion, a price-to-earnings ratio of -23.10 and a beta of 0.90. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. 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 released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share 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%. As a group, sell-side analysts forecast that Confluent will post -0.83 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $29.47, for a total transaction of $1,878,093.63. Following the transaction, the insider now owns 502,424 shares of the company’s stock, valued at $14,806,435.28. This represents a 11.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Kong Phan sold 2,178 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $31.58, for a total value of $68,781.24. Following the completion of the sale, the chief accounting officer now owns 177,415 shares in the company, valued at $5,602,765.70. This represents a 1.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,079,707 shares of company stock valued at $35,196,579. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Large investors have recently modified their holdings of the business. Credit Industriel ET Commercial bought a new position in Confluent in the 4th quarter worth approximately $28,000. Blue Trust Inc. lifted its position 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 acquiring an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Confluent in the fourth quarter worth $59,000. GAMMA Investing LLC grew 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 purchasing an additional 1,136 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Confluent during the 3rd quarter valued at $68,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.