Confluent (NASDAQ:CFLT) Shares Gap Down on Analyst Downgrade

Shares of Confluent, Inc. (NASDAQ:CFLT) gapped down before the market opened on Thursday after DA Davidson lowered their price target on the stock from $42.00 to $28.00. The stock had previously closed at $23.81, but opened at $20.99. DA Davidson currently has a buy rating on the stock. Confluent shares last traded at $20.13, with a volume of 3,684,672 shares changing hands.

Other analysts have also recently issued research reports about the company. Royal Bank of Canada increased their price objective on Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Canaccord Genuity Group cut their price objective on shares of Confluent from $38.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday. Evercore ISI decreased their target price on shares of Confluent from $29.00 to $28.00 and set an “outperform” rating on the stock in a report on Thursday. Barclays reduced their price target on shares of Confluent from $29.00 to $27.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Truist Financial lowered their price objective on Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.28.

Insider Activity at Confluent

In other Confluent news, CAO Kong Phan sold 6,346 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.22, for a total value of $229,852.12. Following the completion of the sale, the chief accounting officer now owns 179,593 shares in the company, valued at approximately $6,504,858.46. This trade represents a 3.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Rohan Sivaram sold 68,350 shares of Confluent stock in a transaction that occurred 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 in the company, valued at approximately $18,849,490.79. This represents a 11.61 % 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 in the last three months. 13.82% of the stock is owned by insiders.

Institutional Trading of Confluent

Several large investors have recently added to or reduced their stakes in CFLT. Credit Industriel ET Commercial bought a new position in Confluent in the 4th quarter worth $28,000. Cloud Capital Management LLC purchased a new position in shares of Confluent during the first quarter valued at about $26,000. Versant Capital Management Inc raised its stake in Confluent by 2,458.2% in the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company’s stock worth $40,000 after buying an additional 1,647 shares in the last quarter. Blue Trust Inc. lifted its holdings in Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after buying an additional 1,607 shares during the period. Finally, SBI Securities Co. Ltd. bought a new stake in Confluent during the 4th quarter valued at approximately $59,000. Institutional investors own 78.09% of the company’s stock.

Confluent Price Performance

The stock has a market cap of $6.49 billion, a PE ratio of -18.00 and a beta of 1.03. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The business has a fifty day simple moving average of $24.66 and a two-hundred day simple moving average of $27.40.

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

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.