Citigroup Cuts Confluent (NASDAQ:CFLT) Price Target to $25.00

Confluent (NASDAQ:CFLT) had its price target decreased by Citigroup from $37.00 to $25.00 in a report released on Monday,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Several other research firms have also issued reports on CFLT. Stifel Nicolaus reduced their price target on Confluent from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. TD Securities cut their target price on shares of Confluent from $34.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Guggenheim decreased their target price on shares of Confluent from $38.00 to $31.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. UBS Group dropped their price target on shares of Confluent from $38.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Finally, Royal Bank of Canada boosted their price objective on shares of Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.11.

Confluent Stock Up 1.6%

Shares of CFLT opened at $23.50 on Monday. Confluent has a 1 year low of $17.79 and a 1 year high of $37.90. 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 stock has a 50 day simple moving average of $23.03 and a two-hundred day simple moving average of $27.34. The firm has a market cap of $8.00 billion, a P/E ratio of -21.76 and a beta of 1.02.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $271.12 million during the quarter, compared to analysts’ expectations of $264.45 million. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The firm’s revenue was up 24.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 EPS. On average, analysts forecast that Confluent will post -0.83 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total value of $7,516,725.00. Following the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $14,628,937.04. The trade was a 33.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Neha Narkhede sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $19.96, for a total value of $1,197,600.00. Following the transaction, the director now directly owns 20,247 shares of the company’s stock, valued at approximately $404,130.12. This trade represents a 74.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,011,050 shares of company stock valued at $30,718,078 in the last three months. 9.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Cloud Capital Management LLC purchased a new position in shares of Confluent in the 1st quarter worth about $26,000. Credit Industriel ET Commercial bought a new stake in shares of Confluent during the fourth quarter valued at approximately $28,000. Versant Capital Management Inc lifted its position in Confluent by 2,458.2% in the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company’s stock valued at $40,000 after acquiring an additional 1,647 shares in the last quarter. SVB Wealth LLC purchased a new stake in Confluent during the 1st quarter valued at $54,000. Finally, Blue Trust Inc. boosted its stake in Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after purchasing an additional 1,607 shares during the last quarter. 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.