Wells Fargo & Company Cuts Confluent (NASDAQ:CFLT) Price Target to $32.00

Confluent (NASDAQ:CFLT) had its price objective cut by equities researchers at Wells Fargo & Company from $42.00 to $32.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 56.86% from the stock’s previous close.

Several other brokerages also recently weighed in on CFLT. Stifel Nicolaus boosted their price target on Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. William Blair reiterated an “outperform” rating on shares of Confluent in a research report on Monday, March 17th. Canaccord Genuity Group lifted their price target on Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. UBS Group upgraded shares of Confluent from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $34.00 to $38.00 in a report on Wednesday, February 26th. Finally, Truist Financial lowered their target price on shares of Confluent from $40.00 to $35.00 and set a “buy” rating for the company in a report on Monday, March 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $34.07.

Confluent Stock Performance

NASDAQ CFLT opened at $20.40 on Tuesday. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The stock has a market cap of $6.81 billion, a price-to-earnings ratio of -18.89 and a beta of 1.03. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The business has a fifty day moving average of $26.41 and a 200-day moving average of $27.41.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. As a group, analysts predict that Confluent will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Erica Schultz sold 150,000 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $35.82, for a total value of $5,373,000.00. Following the completion of the transaction, the insider now owns 678,016 shares of the company’s stock, valued at approximately $24,286,533.12. This represents a 18.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $14,628,937.04. This represents a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,200,746 shares of company stock valued at $38,505,150. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several large investors have recently bought and sold shares of the stock. Stifel Financial Corp increased its stake in shares of Confluent by 112.3% during the third quarter. Stifel Financial Corp now owns 41,339 shares of the company’s stock valued at $842,000 after acquiring an additional 21,864 shares during the period. Westside Investment Management Inc. boosted its stake in Confluent by 11,796.1% during the 3rd quarter. Westside Investment Management Inc. now owns 12,253 shares of the company’s stock valued at $250,000 after purchasing an additional 12,150 shares in the last quarter. Sanctuary Advisors LLC increased its position in shares of Confluent by 21.2% during the 3rd quarter. Sanctuary Advisors LLC now owns 18,825 shares of the company’s stock valued at $384,000 after purchasing an additional 3,298 shares during the period. Tidal Investments LLC raised its stake in shares of Confluent by 521.0% in the 3rd quarter. Tidal Investments LLC now owns 50,545 shares of the company’s stock worth $1,030,000 after buying an additional 42,406 shares in the last quarter. Finally, Oddo BHF Asset Management Sas acquired a new stake in shares of Confluent in the third quarter valued at $7,646,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

About Confluent

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.