JMP Securities Cuts Confluent (NASDAQ:CFLT) Price Target to $36.00

Confluent (NASDAQ:CFLT) had its target price reduced by JMP Securities from $40.00 to $36.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a market outperform rating on the stock.

Several other equities analysts also recently commented on the company. Wells Fargo & Company dropped their target price on Confluent from $32.00 to $30.00 and set an “overweight” rating for the company in a research report on Thursday. Loop Capital cut their target price on shares of Confluent from $30.00 to $22.00 and set a “hold” rating on the stock in a research report on Wednesday, April 23rd. Barclays reduced their target price on shares of Confluent from $29.00 to $27.00 and set an “overweight” rating on the stock in a report on Thursday. Raymond James assumed coverage on shares of Confluent in a research note on Friday, April 11th. They set an “outperform” rating and a $30.00 price target for the company. Finally, UBS Group reduced their price objective on shares of Confluent from $38.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $30.28.

Confluent Stock Up 2.0 %

CFLT stock opened at $19.82 on Thursday. The firm has a 50-day moving average price of $24.45 and a 200-day moving average price of $27.42. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $6.62 billion, a P/E ratio of -18.35 and a beta of 1.03.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. The business had revenue of $271.12 million during the quarter, compared to the consensus estimate of $264.45 million. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The firm’s revenue was up 24.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.05 EPS. As a group, equities research analysts anticipate that Confluent will post -0.83 EPS for the current fiscal year.

Insider Activity at Confluent

In related news, CAO Kong Phan sold 6,346 shares of the firm’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $36.22, for a total value of $229,852.12. Following the transaction, the chief accounting officer now owns 179,593 shares of the company’s stock, 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, CFO Rohan Sivaram sold 68,350 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total value of $2,476,320.50. Following the sale, the chief financial officer now directly owns 520,273 shares of the company’s stock, valued at $18,849,490.79. This represents a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,200,746 shares of company stock valued at $38,505,150. 13.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Arizona State Retirement System boosted its holdings in Confluent by 2.1% during the first quarter. Arizona State Retirement System now owns 70,305 shares of the company’s stock worth $1,648,000 after purchasing an additional 1,422 shares during the last quarter. Xponance Inc. lifted its position in shares of Confluent by 4.9% during the 1st quarter. Xponance Inc. now owns 34,758 shares of the company’s stock worth $815,000 after buying an additional 1,614 shares in the last quarter. Alps Advisors Inc. purchased a new position in shares of Confluent in the 1st quarter worth approximately $1,341,000. M&T Bank Corp grew its holdings in shares of Confluent by 4.4% in the first quarter. M&T Bank Corp now owns 22,496 shares of the company’s stock valued at $527,000 after acquiring an additional 956 shares in the last quarter. Finally, Values First Advisors Inc. purchased a new stake in shares of Confluent during the first quarter valued at approximately $231,000. Hedge funds and other 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.