Wells Fargo & Company Lowers Confluent (NASDAQ:CFLT) Price Target to $32.00

Confluent (NASDAQ:CFLT) had its target price dropped by Wells Fargo & Company from $42.00 to $32.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 56.86% from the stock’s current price.

A number of other brokerages have also recently weighed in on CFLT. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price target on shares of Confluent in a research report on Friday, March 7th. Raymond James assumed coverage on Confluent in a research report on Friday, April 11th. They issued an “outperform” rating and a $30.00 target price on the stock. Loop Capital lowered their price target on Confluent from $34.00 to $30.00 and set a “hold” rating for the company in a research report on Monday, March 10th. Stifel Nicolaus boosted their price objective on Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Finally, Bank of America raised their target price on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.07.

Confluent Stock Performance

Confluent stock opened at $20.40 on Tuesday. The stock has a market cap of $6.81 billion, a price-to-earnings ratio of -18.89 and a beta of 1.03. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. The firm has a 50 day simple moving average of $26.41 and a 200-day simple moving average of $27.41. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90.

Confluent (NASDAQ:CFLT) last posted its 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 net margin of 35.81% and a negative return on equity of 34.70%. On average, analysts expect that Confluent will post -0.83 EPS for the current year.

Insider Buying and Selling at Confluent

In other Confluent news, CFO Rohan Sivaram sold 68,350 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $18,849,490.79. This trade represents a 11.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Kong Phan sold 6,346 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $36.22, for a total transaction of $229,852.12. Following the completion of the transaction, the chief accounting officer now owns 179,593 shares of the company’s stock, valued at $6,504,858.46. This represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. In the last three months, 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

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Confluent in the 4th quarter worth approximately $81,092,000. Pictet Asset Management Holding SA boosted its position in Confluent by 7,342.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock worth $65,748,000 after purchasing an additional 2,319,919 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in Confluent in the fourth quarter valued at $64,658,000. MIG Capital LLC purchased a new position in shares of Confluent in the fourth quarter valued at $27,007,000. Finally, Greenhouse Funds LLLP raised its stake in shares of Confluent by 102.2% during the 4th quarter. Greenhouse Funds LLLP now owns 1,820,446 shares of the company’s stock worth $50,900,000 after buying an additional 919,997 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.