Confluent, Inc. (NASDAQ:CFLT - Get Free Report)'s share price gapped down prior to trading on Monday after Truist Financial lowered their price target on the stock from $40.00 to $35.00. The stock had previously closed at $24.33, but opened at $23.02. Truist Financial currently has a buy rating on the stock. Confluent shares last traded at $23.24, with a volume of 588,059 shares changing hands.
A number of other equities research analysts also recently weighed in on the stock. Scotiabank boosted their price objective on shares of Confluent from $27.00 to $35.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 12th. Wells Fargo & Company increased their price target on Confluent from $40.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. boosted their target price on Confluent from $35.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 11th. Canaccord Genuity Group lifted their price target on Confluent from $34.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Finally, Loop Capital dropped their target price on Confluent from $34.00 to $30.00 and set a "hold" rating on the stock in a research report on Monday, March 10th. One 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 issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.15.
Get Our Latest Stock Analysis on CFLT
Insider Activity
In other news, CFO Rohan Sivaram sold 68,350 shares of Confluent stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the completion of the sale, the chief financial officer now owns 520,273 shares in the company, valued at approximately $18,849,490.79. This trade represents a 11.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Kong Phan sold 6,346 shares of Confluent stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $36.22, for a total transaction of $229,852.12. Following the sale, the chief accounting officer now directly owns 179,593 shares of the company's stock, valued at $6,504,858.46. This represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,200,746 shares of company stock worth $38,505,150 over the last three months. 13.82% of the stock is currently owned by insiders.
Institutional Trading of Confluent
Several hedge funds have recently added to or reduced their stakes in CFLT. Norges Bank purchased a new stake in Confluent in the 4th quarter worth approximately $81,092,000. Pictet Asset Management Holding SA lifted its stake in Confluent by 7,342.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company's stock worth $65,748,000 after acquiring an additional 2,319,919 shares during the period. Fuller & Thaler Asset Management Inc. bought a new stake in Confluent in the fourth quarter valued at $64,658,000. MIG Capital LLC purchased a new position in Confluent during the 4th quarter valued at $27,007,000. Finally, Greenhouse Funds LLLP raised its holdings in Confluent by 102.2% in the 4th quarter. Greenhouse Funds LLLP now owns 1,820,446 shares of the company's stock worth $50,900,000 after purchasing an additional 919,997 shares in the last quarter. 78.09% of the stock is owned by institutional investors.
Confluent Stock Performance
The company's 50-day moving average price is $28.99 and its 200 day moving average price is $27.24. The stock has a market capitalization of $6.48 billion, a PE ratio of -17.95 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 (NASDAQ:CFLT - Get Free Report) last issued its quarterly 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%. On average, equities research analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.
About Confluent
(
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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.
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