Canaccord Genuity Group Has Lowered Expectations for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its target price decreased by Canaccord Genuity Group from $38.00 to $32.00 in a report issued on Thursday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other research analysts also recently issued reports on the stock. TD Securities dropped their target price on shares of Confluent from $34.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday. Oppenheimer cut their price objective on shares of Confluent from $35.00 to $32.00 and set an “outperform” rating on the stock in a research report on Thursday. Royal Bank of Canada raised their target price on Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Stifel Nicolaus dropped their price target on Confluent from $40.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Raymond James assumed coverage on Confluent in a research note on Friday, April 11th. They issued an “outperform” rating and a $30.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and a consensus price target of $30.28.

Confluent Trading Up 2.0 %

CFLT opened at $19.82 on Thursday. Confluent has a twelve month low of $17.79 and a twelve month high of $37.90. The company has a fifty day moving average of $24.45 and a 200-day moving average of $27.42. The stock has a market cap of $6.62 billion, a PE ratio of -18.35 and a beta of 1.03. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The firm had revenue of $271.12 million during the quarter, compared to the consensus estimate of $264.45 million. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The business’s revenue was up 24.8% compared to the same quarter last year. During the same period last year, the business posted $0.05 EPS. On average, sell-side analysts predict that Confluent will post -0.83 EPS for the current year.

Insider Activity at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the firm’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 sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $13,285,047.68. This trade represents a 33.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the chief accounting officer now owns 179,593 shares in the company, valued at approximately $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. Over the last 90 days, insiders sold 1,200,746 shares of company stock valued at $38,505,150. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several institutional investors and hedge funds have recently added to or reduced their stakes in CFLT. Credit Industriel ET Commercial purchased a new position in Confluent in the fourth quarter worth about $28,000. Cloud Capital Management LLC bought a new position in shares of Confluent in the first quarter worth about $26,000. Versant Capital Management Inc boosted 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. boosted 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 during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in Confluent during the fourth quarter valued at $59,000. 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.