Loop Capital Has Lowered Expectations for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its price target reduced by stock analysts at Loop Capital from $34.00 to $30.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Loop Capital’s price objective points to a potential upside of 20.42% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Mizuho raised their price objective on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Needham & Company LLC reissued a “buy” rating and issued a $40.00 price target on shares of Confluent in a report on Friday. JPMorgan Chase & Co. upped their price objective on Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Bank of America lifted their target price on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday, February 12th. Finally, UBS Group raised Confluent from a “neutral” rating to a “buy” rating and upped their price target for the company from $34.00 to $38.00 in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned 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 $35.33.

Confluent Price Performance

CFLT stock traded down $1.70 during trading on Monday, hitting $24.91. 6,045,444 shares of the stock traded hands, compared to its average volume of 4,226,876. 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 stock has a market cap of $8.32 billion, a price-to-earnings ratio of -23.10 and a beta of 0.90. Confluent has a one year low of $17.79 and a one year high of $37.90. The company has a 50 day simple moving average of $29.93 and a 200 day simple moving average of $26.66.

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

Insiders Place Their Bets

In related news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $29.47, for a total value of $1,878,093.63. Following the completion of the transaction, the insider now owns 502,424 shares of the company’s stock, valued at approximately $14,806,435.28. This trade represents a 11.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Rohan Sivaram sold 68,350 shares of the business’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the sale, the chief financial officer now directly owns 520,273 shares in the company, valued at $18,849,490.79. This trade represents a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,079,707 shares of company stock worth $35,196,579. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Quantbot Technologies LP increased its position in shares of Confluent by 1,465.6% during the 3rd quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after purchasing an additional 28,360 shares during the last quarter. Pathway Capital Management LP bought a new position in Confluent during the third quarter worth $918,000. Charles Schwab Investment Management Inc. lifted its position in Confluent by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after acquiring an additional 64,926 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in Confluent by 152.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock worth $1,398,000 after purchasing an additional 41,431 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Confluent in the third quarter valued at approximately $868,000. 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.