Confluent (NASDAQ:CFLT) PT Raised to $25.00 at Citigroup

Confluent (NASDAQ:CFLT) had its target price upped by investment analysts at Citigroup from $24.00 to $25.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential upside of 8.32% from the company’s current price.

A number of other brokerages have also recently issued reports on CFLT. Needham & Company LLC reiterated a “buy” rating and set a $28.00 target price on shares of Confluent in a report on Monday, September 23rd. Robert W. Baird began coverage on shares of Confluent in a research note on Wednesday, September 4th. They set a “neutral” rating and a $23.00 price objective on the stock. TD Cowen dropped their target price on shares of Confluent from $31.00 to $27.00 and set a “buy” rating for the company in a research report on Friday, September 20th. Piper Sandler reduced their price target on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Finally, Mizuho reduced their target price on Confluent from $31.00 to $29.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $29.69.

Confluent Trading Up 2.1 %

Shares of CFLT traded up $0.48 during mid-day trading on Tuesday, hitting $23.08. The company had a trading volume of 731,479 shares, compared to its average volume of 4,285,275. Confluent has a 1-year low of $14.69 and a 1-year high of $35.07. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. The business’s 50-day simple moving average is $20.79 and its 200-day simple moving average is $24.73. The stock has a market cap of $7.34 billion, a PE ratio of -18.46 and a beta of 0.88.

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

Insider Buying and Selling at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Wednesday, August 14th. The shares were 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 directly owns 452,488 shares of the company’s stock, valued at $9,561,071.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction on 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 directly owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s 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 sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,561,071.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 524,453 shares of company stock valued at $10,833,388. 13.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Confluent

Large investors have recently made changes to their positions in the business. Daiwa Securities Group Inc. grew its stake in Confluent by 7.1% in the first quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock valued at $369,000 after purchasing an additional 800 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Confluent by 8.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after purchasing an additional 857 shares in the last quarter. Advisors Asset Management Inc. increased its holdings 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 valued at $91,000 after acquiring an additional 859 shares during the last quarter. Hollencrest Capital Management acquired a new stake in Confluent in the 1st quarter worth approximately $26,000. Finally, Resolute Advisors LLC grew its stake in Confluent by 11.1% in the 1st quarter. Resolute Advisors LLC now owns 8,693 shares of the company’s stock valued at $265,000 after buying an additional 869 shares during the last quarter. Institutional investors and hedge funds 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.