Barclays Cuts Confluent (NASDAQ:CFLT) Price Target to $29.00

Confluent (NASDAQ:CFLT - Free Report) had its target price trimmed by Barclays from $37.00 to $29.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other brokerages also recently commented on CFLT. Raymond James started coverage on Confluent in a research report on Friday, April 11th. They issued an "outperform" rating and a $30.00 price objective for the company. Morgan Stanley lowered their price target on Confluent from $32.00 to $25.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Piper Sandler increased their price objective on shares of Confluent from $35.00 to $40.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. Scotiabank boosted their target price on shares of Confluent from $27.00 to $35.00 and gave the company a "sector perform" rating in a report on Wednesday, February 12th. Finally, Guggenheim lifted their price target on shares of Confluent from $35.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. One equities research 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 assigned 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 $33.39.

Confluent Price Performance

Confluent stock traded up $1.49 during mid-day trading on Monday, hitting $23.26. 4,981,207 shares of the company were exchanged, compared to its average volume of 4,509,330. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. Confluent has a 12-month low of $17.79 and a 12-month high of $37.90. The business's 50 day simple moving average is $25.61 and its two-hundred day simple moving average is $27.34. The company has a market capitalization of $7.77 billion, a P/E ratio of -21.54 and a beta of 1.03.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) 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%. Analysts forecast that Confluent will post -0.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Kong Phan sold 6,346 shares of Confluent stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.22, for a total value of $229,852.12. Following the completion of the transaction, the chief accounting officer now owns 179,593 shares in the company, valued at approximately $6,504,858.46. This trade represents a 3.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total value 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 represents a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,200,746 shares of company stock valued at $38,505,150 in the last ninety days. Corporate insiders own 13.82% of the company's stock.

Hedge Funds Weigh In On Confluent

Several institutional investors have recently made changes to their positions in CFLT. Credit Industriel ET Commercial acquired a new position in Confluent during the 4th quarter valued at approximately $28,000. Versant Capital Management Inc grew its position in shares of Confluent by 2,458.2% during the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock worth $40,000 after acquiring an additional 1,647 shares during the last quarter. Blue Trust Inc. lifted its position in Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock valued at $58,000 after purchasing an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Confluent in the 4th quarter valued at about $59,000. Finally, GAMMA Investing LLC grew its position in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after purchasing an additional 1,136 shares during the last quarter. 78.09% of the stock is 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.