Equity Management

Confluent (NASDAQ:CFLT) PT Lowered to $30.00 at Piper Sandler

Piper Sandler lowered their price objective on shares of Confluent from $32.00 to $30.00 in a research report on Thursday.

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Feb 3, 2023 • 4 min read

Confluent (NASDAQ:CFLT - Get Rating) had its target price cut by equities research analysts at Piper Sandler from $32.00 to $30.00 in a research note issued on Thursday, The Fly reports. Piper Sandler's target price points to a potential upside of 46.34% from the stock's previous close.

Several other equities research analysts have also recently commented on the stock. Truist Financial assumed coverage on shares of Confluent in a research report on Friday, September 30th. They issued a "buy" rating and a $35.00 price objective on the stock. DA Davidson cut their price target on shares of Confluent from $44.00 to $33.00 in a research report on Thursday, November 3rd. Morgan Stanley cut their price target on shares of Confluent from $35.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Monday, December 19th. JPMorgan Chase & Co. cut their price target on shares of Confluent from $30.00 to $25.00 and set a "neutral" rating on the stock in a research report on Thursday, November 3rd. Finally, Citigroup cut their price target on shares of Confluent from $32.00 to $30.00 and set a "neutral" rating on the stock in a research report on Tuesday, November 1st. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $34.64.

Confluent Price Performance

Shares of CFLT stock opened at $20.50 on Thursday. Confluent has a 12-month low of $16.48 and a 12-month high of $81.11. The firm has a market capitalization of $5.87 billion, a price-to-earnings ratio of -12.28 and a beta of 1.02. The company has a quick ratio of 5.74, a current ratio of 5.74 and a debt-to-equity ratio of 1.38. The firm has a fifty day moving average of $22.37 and a 200-day moving average of $24.82.

Confluent (NASDAQ:CFLT - Get Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.40) EPS for the quarter, meeting the consensus estimate of ($0.40). The business had revenue of $151.73 million for the quarter, compared to analysts' expectations of $144.39 million. Confluent had a negative net margin of 85.83% and a negative return on equity of 55.60%. On average, equities research analysts forecast that Confluent will post -1.62 earnings per share for the current year.

Insider Activity at Confluent

In related news, Director Michelangelo Volpi sold 164,651 shares of the company's stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $23.01, for a total value of $3,788,619.51. Following the transaction, the director now owns 59,059 shares in the company, valued at approximately $1,358,947.59. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Michelangelo Volpi sold 164,651 shares of the company's stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $23.01, for a total value of $3,788,619.51. Following the transaction, the director now owns 59,059 shares in the company, valued at approximately $1,358,947.59. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Steffan Tomlinson sold 15,393 shares of the company's stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $25.00, for a total transaction of $384,825.00. Following the completion of the transaction, the chief financial officer now owns 106,407 shares in the company, valued at approximately $2,660,175. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 829,987 shares of company stock worth $18,552,363. Insiders own 27.94% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Confluent during the 2nd quarter worth approximately $41,000. Ieq Capital LLC grew its position in shares of Confluent by 12.2% during the 2nd quarter. Ieq Capital LLC now owns 137,100 shares of the company's stock worth $3,186,000 after purchasing an additional 14,902 shares in the last quarter. Clay Northam Wealth Management LLC acquired a new position in shares of Confluent during the 2nd quarter worth approximately $552,000. State Board of Administration of Florida Retirement System acquired a new position in shares of Confluent during the 2nd quarter worth approximately $1,165,000. Finally, Focused Wealth Management Inc grew its position in shares of Confluent by 101.8% during the 2nd quarter. Focused Wealth Management Inc now owns 1,725 shares of the company's stock worth $40,000 after purchasing an additional 870 shares in the last quarter. Institutional investors and hedge funds own 40.66% of the company's stock.

About Confluent

Confluent, Inc operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data in real-time with the foundational platform for data in motion.