Confluent (NASDAQ:CFLT) Price Target Cut to $25.00 by Analysts at Morgan Stanley

Confluent (NASDAQ:CFLT) had its price target cut by Morgan Stanley from $32.00 to $25.00 in a research report released on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities analysts also recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $40.00 target price on shares of Confluent in a research note on Friday, March 7th. Wells Fargo & Company lifted their price objective on Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Bank of America upped their target price on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research report on Wednesday, February 12th. Piper Sandler boosted their price target on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Truist Financial cut their price target on Confluent from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, March 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Confluent has a consensus rating of “Moderate Buy” and a consensus target price of $34.71.

Confluent Stock Down 0.6 %

Shares of NASDAQ:CFLT opened at $21.51 on Wednesday. The firm has a market cap of $7.18 billion, a P/E ratio of -19.92 and a beta of 1.03. Confluent has a 12-month low of $17.79 and a 12-month high of $37.90. The business has a fifty day simple moving average of $27.14 and a 200 day simple moving average of $27.27. 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 data 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%. Analysts predict that Confluent will post -0.83 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Rohan Sivaram sold 68,350 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the transaction, the chief financial officer now owns 520,273 shares of the company’s stock, valued at $18,849,490.79. This represents a 11.61 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Kong Phan sold 3,175 shares of the business’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 completion of the sale, the chief accounting officer now owns 246,516 shares in the company, valued at $6,621,419.76. This represents a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have 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

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Confluent by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock valued at $694,207,000 after purchasing an additional 599,582 shares in the last quarter. Champlain Investment Partners LLC grew its holdings in Confluent by 1.3% during the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock valued at $302,940,000 after buying an additional 133,908 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Confluent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock valued at $123,339,000 after buying an additional 84,163 shares during the period. Jericho Capital Asset Management L.P. lifted its holdings in shares of Confluent by 18.1% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock worth $83,880,000 after buying an additional 459,000 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Confluent in the fourth quarter valued at approximately $81,092,000. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

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.