TD Cowen Lowers Confluent (NASDAQ:CFLT) Price Target to $27.00

Confluent (NASDAQ:CFLT) had its price objective lowered by TD Cowen from $31.00 to $27.00 in a research note published on Friday, Benzinga reports. TD Cowen currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Baird R W upgraded shares of Confluent to a hold rating in a research note on Wednesday, September 4th. DA Davidson reissued a buy rating and issued a $30.00 target price on shares of Confluent in a report on Wednesday, September 18th. Guggenheim reaffirmed a buy rating and set a $37.00 price target on shares of Confluent in a report on Tuesday, June 25th. Mizuho reduced their price objective on Confluent from $36.00 to $34.00 and set an outperform rating on the stock in a research note on Tuesday, July 16th. Finally, Evercore ISI decreased their price objective on shares of Confluent from $33.00 to $28.00 and set an outperform rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $29.97.

Confluent Stock Performance

NASDAQ:CFLT opened at $19.69 on Friday. Confluent has a 1 year low of $14.69 and a 1 year high of $35.07. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $6.26 billion, a PE ratio of -15.75 and a beta of 0.88. The firm’s fifty day simple moving average is $21.71 and its 200 day simple moving average is $26.52.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. The business had revenue of $234.99 million for the quarter, compared to analyst estimates of $229.49 million. On average, sell-side analysts anticipate that Confluent will post -0.95 EPS for the current year.

Insiders Place Their Bets

In other news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at approximately $3,505,070.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the sale, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total value of $4,912,725.00. Following the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $9,561,071.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 524,263 shares of company stock worth $10,829,566. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Institutional investors have recently bought and sold shares of the company. Hollencrest Capital Management acquired a new stake in shares of Confluent in the first quarter valued at approximately $26,000. Quest Partners LLC acquired a new stake in shares of Confluent in the 4th quarter valued at approximately $31,000. V Square Quantitative Management LLC bought a new position in shares of Confluent in the 2nd quarter valued at about $68,000. UniSuper Management Pty Ltd grew its holdings in Confluent by 125.0% during the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after purchasing an additional 1,500 shares during the period. Finally, Advisors Asset Management Inc. boosted its stake in shares of Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after acquiring an additional 859 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.