Wells Fargo & Company Issues Pessimistic Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT - Get Free Report) had its target price reduced by research analysts at Wells Fargo & Company from $42.00 to $32.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective points to a potential upside of 35.90% from the stock's previous close.

CFLT has been the topic of several other reports. Stifel Nicolaus lifted their price target on shares of Confluent from $37.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Barclays lowered their target price on Confluent from $37.00 to $29.00 and set an "overweight" rating on the stock in a research report on Monday. Truist Financial reduced their price target on Confluent from $40.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Piper Sandler boosted their price target on Confluent from $35.00 to $40.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Finally, UBS Group upgraded Confluent from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $34.00 to $38.00 in a research note on Wednesday, February 26th. One 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 issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $33.39.

Confluent Trading Up 1.2 %

Shares of Confluent stock traded up $0.29 on Tuesday, hitting $23.55. 380,030 shares of the company's stock traded hands, compared to its average volume of 4,493,819. The firm's 50-day moving average price is $25.61 and its two-hundred day moving average price is $27.34. Confluent has a one year low of $17.79 and a one year high of $37.90. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. The stock has a market capitalization of $7.87 billion, a PE ratio of -21.58 and a beta of 1.03.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data 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, research analysts expect that Confluent will post -0.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $29.36, for a total value of $6,826,200.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares of the company's stock, valued at $13,285,047.68. This represents a 33.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Kong Phan sold 3,175 shares of the stock in a transaction dated Thursday, March 20th. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,200,746 shares of company stock valued at $38,505,150. 13.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. ProShare Advisors LLC grew its holdings in Confluent by 3.1% during the 4th quarter. ProShare Advisors LLC now owns 10,774 shares of the company's stock worth $301,000 after acquiring an additional 328 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in Confluent by 4.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock worth $323,000 after buying an additional 458 shares during the period. Truist Financial Corp lifted its holdings in Confluent by 2.5% during the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company's stock worth $589,000 after buying an additional 514 shares during the period. GAMMA Investing LLC grew its position in shares of Confluent by 26.8% in the 1st quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock valued at $73,000 after buying an additional 661 shares during the last quarter. Finally, Jasper Ridge Partners L.P. increased its stake in shares of Confluent by 4.8% in the fourth quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company's stock valued at $403,000 after buying an additional 664 shares during the period. Institutional investors 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.