Confluent (NASDAQ:CFLT - Get Rating) had its price objective reduced by investment analysts at Morgan Stanley from $35.00 to $29.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Morgan Stanley's price target would indicate a potential upside of 26.03% from the company's previous close.
CFLT has been the topic of a number of other research reports. DA Davidson dropped their price objective on Confluent from $44.00 to $33.00 in a report on Thursday, November 3rd. Citigroup dropped their price target on Confluent from $32.00 to $30.00 and set a "neutral" rating on the stock in a research note on Tuesday, November 1st. JPMorgan Chase & Co. dropped their price target on Confluent from $30.00 to $25.00 and set a "neutral" rating on the stock in a research note on Thursday, November 3rd. Credit Suisse Group dropped their price target on Confluent from $65.00 to $55.00 and set an "outperform" rating on the stock in a research note on Thursday, November 3rd. Finally, Truist Financial began coverage on Confluent in a research note on Friday, September 30th. They set a "buy" rating and a $35.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $34.93.
Confluent Trading Up 0.3 %
CFLT opened at $23.01 on Monday. Confluent has a one year low of $16.48 and a one year high of $81.11. The company has a market cap of $6.59 billion, a P/E ratio of -13.78 and a beta of 1.06. The company has a debt-to-equity ratio of 1.38, a quick ratio of 5.74 and a current ratio of 5.74. The business's 50-day simple moving average is $23.06 and its 200-day simple moving average is $24.73.
Confluent (NASDAQ:CFLT - Get Rating) last released its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.40) EPS for the quarter, meeting analysts' consensus estimates of ($0.40). Confluent had a negative return on equity of 55.60% and a negative net margin of 85.83%. The business had revenue of $151.73 million for the quarter, compared to the consensus estimate of $144.39 million. As a group, equities research analysts expect that Confluent will post -1.62 EPS for the current fiscal year.
Insiders Place Their Bets
In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Wednesday, November 16th. The stock was sold at an average price of $22.47, for a total transaction of $5,224,275.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Chad Verbowski sold 8,097 shares of the firm's stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $24.32, for a total value of $196,919.04. Following the completion of the sale, the senior vice president now directly owns 347,832 shares of the company's stock, valued at approximately $8,459,274.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm's stock in a transaction that occurred on Wednesday, November 16th. The shares were sold at an average price of $22.47, for a total value of $5,224,275.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 830,437 shares of company stock valued at $18,573,045. 27.94% of the stock is owned by company insiders.
Institutional Trading of Confluent
Several hedge funds have recently modified their holdings of CFLT. Qube Research & Technologies Ltd acquired a new stake in shares of Confluent in the 1st quarter valued at approximately $310,000. JPMorgan Chase & Co. grew its holdings in Confluent by 43.0% in the first quarter. JPMorgan Chase & Co. now owns 7,971,525 shares of the company's stock valued at $326,833,000 after purchasing an additional 2,398,212 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Confluent by 720.4% in the first quarter. Bank of New York Mellon Corp now owns 272,441 shares of the company's stock valued at $11,170,000 after buying an additional 239,232 shares in the last quarter. Seven Eight Capital LP acquired a new position in shares of Confluent during the 1st quarter worth $643,000. Finally, Jeneq Management LP acquired a new position in shares of Confluent during the 1st quarter worth $369,000. 40.65% of the stock is owned by institutional investors and hedge funds.
Confluent Company Profile
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.
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