Confluent (NASDAQ:CFLT) Given New $25.00 Price Target at Morgan Stanley

Confluent (NASDAQ:CFLT - Get Free Report) had its price target dropped by investment analysts at Morgan Stanley from $32.00 to $25.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's target price indicates a potential upside of 22.55% from the stock's current price.

Other equities analysts have also issued reports about the company. Needham & Company LLC restated a "buy" rating and set a $40.00 target price on shares of Confluent in a research report on Friday, March 7th. Royal Bank of Canada increased their price target on shares of Confluent from $36.00 to $41.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. Guggenheim raised their target price on shares of Confluent from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Raymond James initiated coverage on Confluent in a research note on Friday, April 11th. They set an "outperform" rating and a $30.00 target price for the company. Finally, Truist Financial reduced their price objective on shares of Confluent from $40.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, March 31st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $34.43.

Confluent Trading Down 3.5 %

Confluent stock traded down $0.75 during trading hours on Wednesday, reaching $20.40. 3,724,799 shares of the company's stock traded hands, compared to its average volume of 4,507,451. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The firm's 50 day moving average is $26.76 and its 200-day moving average is $27.41. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The firm has a market capitalization of $6.81 billion, a price-to-earnings ratio of -18.89 and a beta of 1.03.

Confluent (NASDAQ:CFLT - Get Free Report) last released its earnings results 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%. On average, analysts predict that Confluent will post -0.83 earnings per share for the current year.

Insider Buying and Selling at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $29.36, for a total transaction of $6,826,200.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $13,285,047.68. This represents a 33.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Kong Phan sold 6,346 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $36.22, for a total transaction of $229,852.12. Following the completion of the transaction, the chief accounting officer now directly owns 179,593 shares of the company's stock, valued at approximately $6,504,858.46. The trade was a 3.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,200,746 shares of company stock worth $38,505,150 over the last three months. Corporate insiders own 13.82% of the company's stock.

Institutional Investors Weigh In On Confluent

Several hedge funds have recently modified their holdings of CFLT. Credit Industriel ET Commercial bought a new position in Confluent in the fourth quarter valued at about $28,000. Versant Capital Management Inc boosted its position in Confluent by 2,458.2% during the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock worth $40,000 after buying an additional 1,647 shares during the period. Blue Trust Inc. grew its holdings in Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after acquiring an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Confluent in the 4th quarter valued at approximately $59,000. Finally, GAMMA Investing LLC increased its position in Confluent by 85.3% in the 4th 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 period. Institutional investors and hedge funds own 78.09% of the company's stock.

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.