Confluent (NASDAQ:CFLT) Shares Gap Down Following Analyst Downgrade

Confluent, Inc. (NASDAQ:CFLT)’s stock price gapped down before the market opened on Monday after Truist Financial lowered their price target on the stock from $40.00 to $35.00. The stock had previously closed at $24.33, but opened at $23.02. Truist Financial currently has a buy rating on the stock. Confluent shares last traded at $23.24, with a volume of 588,059 shares changing hands.

A number of other research analysts also recently weighed in on CFLT. Guggenheim raised their price target on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Canaccord Genuity Group upped their price target on Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. William Blair reissued an “outperform” rating on shares of Confluent in a research note on Monday, March 17th. Royal Bank of Canada upped their target price on Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Finally, Barclays boosted their price objective on shares of Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have issued 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.15.

Insider Activity at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $14,628,937.04. This trade represents a 33.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Kong Phan sold 3,175 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $26.86, for a total transaction of $85,280.50. Following the completion of the transaction, the chief accounting officer now owns 246,516 shares of the company’s stock, valued at $6,621,419.76. This trade represents a 1.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,200,746 shares of company stock worth $38,505,150 in the last quarter. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several institutional investors have recently bought and sold shares of the company. Credit Industriel ET Commercial bought a new stake in shares of Confluent in the fourth quarter worth $28,000. Blue Trust Inc. lifted its position in Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after buying an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Confluent during the 4th quarter worth about $59,000. Point72 Hong Kong Ltd bought a new position in shares of Confluent in the 3rd quarter valued at about $68,000. Finally, GAMMA Investing LLC increased its position in shares of Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after acquiring an additional 1,136 shares during the last quarter. Institutional investors own 78.09% of the company’s stock.

Confluent Stock Down 5.1 %

The firm has a fifty day moving average of $29.36 and a 200-day moving average of $27.25. 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 $7.71 billion, a P/E ratio of -21.36 and a beta of 0.90.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. On average, equities research analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current year.

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.