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

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

Several other equities analysts also recently weighed in on CFLT. Canaccord Genuity Group lifted their target price on Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $40.00 target price on shares of Confluent in a research note on Friday, March 7th. Scotiabank increased their target price on shares of Confluent from $27.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Piper Sandler boosted their price target on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Finally, Stifel Nicolaus increased their price objective on Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and a consensus price target of $35.15.

Confluent Stock Performance

Shares of CFLT stock opened at $24.11 on Monday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The firm has a market cap of $8.05 billion, a P/E ratio of -22.32 and a beta of 0.90. The firm’s 50 day moving average price is $29.14 and its 200-day moving average price is $27.28. Confluent has a one year low of $17.79 and a one year high of $37.90.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results 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 return on equity of 34.70% and a negative net margin of 35.81%. As a group, equities research analysts predict that Confluent will post -0.83 EPS for the current year.

Insider Buying and Selling at Confluent

In related news, CFO Rohan Sivaram sold 68,350 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $36.23, for a total transaction 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 $18,849,490.79. This represents a 11.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Erica Schultz sold 150,000 shares of Confluent stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $35.82, for a total transaction of $5,373,000.00. Following the completion of the transaction, the insider now owns 678,016 shares in the company, valued at approximately $24,286,533.12. This represents a 18.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,200,746 shares of company stock worth $38,505,150 over the last 90 days. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its position in Confluent by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after acquiring an additional 64,926 shares during the period. Cerity Partners LLC raised its stake in shares of Confluent by 28.1% during the third quarter. Cerity Partners LLC now owns 35,129 shares of the company’s stock worth $716,000 after purchasing an additional 7,705 shares during the last quarter. Quantbot Technologies LP lifted 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 purchasing an additional 28,360 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Confluent by 52.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,907 shares of the company’s stock valued at $874,000 after buying an additional 14,725 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in Confluent in the 3rd quarter valued at $68,000. Hedge funds and other 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.