Truist Financial Cuts Confluent (NASDAQ:CFLT) Price Target to $35.00

Confluent (NASDAQ:CFLT) had its price objective decreased by Truist Financial from $40.00 to $35.00 in a report issued on Monday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other equities analysts also recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $40.00 price objective on shares of Confluent in a report on Friday, March 7th. Piper Sandler boosted their target price on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Canaccord Genuity Group raised their price target on shares of Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Wells Fargo & Company lifted their price objective on shares of Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Finally, Scotiabank upped their target price on Confluent from $27.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. One equities 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $35.15.

Confluent Trading Up 2.3 %

NASDAQ CFLT opened at $24.11 on Monday. Confluent has a 52 week low of $17.79 and a 52 week high of $37.90. The company has a 50 day moving average price of $29.14 and a 200 day moving average price of $27.28. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The firm has a market cap of $8.05 billion, a PE ratio of -22.32 and a beta of 0.90.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. As a group, sell-side analysts forecast that Confluent will post -0.83 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Kong Phan sold 3,175 shares of the firm’s 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 transaction, the chief accounting officer now directly owns 246,516 shares of the company’s stock, valued at approximately $6,621,419.76. This trade represents a 1.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Rohan Sivaram sold 68,350 shares of Confluent stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 520,273 shares in the company, valued at approximately $18,849,490.79. The trade was a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,200,746 shares of company stock worth $38,505,150. 13.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Confluent

Hedge funds and other institutional investors have recently made changes to their positions in the company. M&T Bank Corp raised its stake in Confluent by 12.3% in the 4th quarter. M&T Bank Corp now owns 21,540 shares of the company’s stock valued at $602,000 after purchasing an additional 2,367 shares during the last quarter. Quantbot Technologies LP grew its holdings in shares of Confluent by 1,465.6% during the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after buying an additional 28,360 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Confluent by 2.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock valued at $46,549,000 after buying an additional 64,926 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Confluent in the third quarter worth about $868,000. Finally, Friedenthal Financial acquired a new position in Confluent during the fourth quarter worth about $758,000. 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.