Evercore ISI Cuts Confluent (NASDAQ:CFLT) Price Target to $28.00

Confluent (NASDAQ:CFLT) had its target price trimmed by Evercore ISI from $33.00 to $28.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities analysts also recently weighed in on the stock. Stifel Nicolaus dropped their target price on shares of Confluent from $40.00 to $32.00 and set a buy rating for the company in a research note on Thursday, August 1st. TD Cowen reduced their price objective on Confluent from $34.00 to $31.00 and set a buy rating on the stock in a report on Thursday, August 1st. Bank of America decreased their price objective on Confluent from $32.00 to $26.00 and set an underperform rating on the stock in a research report on Thursday, August 1st. Truist Financial reaffirmed a buy rating and set a $30.00 price target (down previously from $36.00) on shares of Confluent in a research note on Thursday, August 1st. Finally, Robert W. Baird began coverage on Confluent in a research report on Wednesday, September 4th. They issued a neutral rating and a $23.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Confluent currently has an average rating of Moderate Buy and an average price target of $30.31.

Confluent Stock Performance

NASDAQ:CFLT opened at $20.36 on Friday. The stock has a market capitalization of $6.47 billion, a P/E ratio of -16.29 and a beta of 0.88. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. Confluent has a 1 year low of $14.69 and a 1 year high of $35.07. The firm has a 50 day moving average of $21.71 and a 200-day moving average of $26.57.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The business had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. As a group, sell-side analysts anticipate that Confluent will post -0.95 EPS for the current fiscal year.

Insider Buying and Selling at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,045,235.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,045,235.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lara Caimi sold 9,375 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $20.01, for a total value of $187,593.75. Following the sale, the director now owns 7,160 shares in the company, valued at approximately $143,271.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 524,263 shares of company stock worth $10,829,566. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Hedge funds and other institutional investors have recently made changes to their positions in the company. Hollencrest Capital Management acquired a new stake in Confluent in the first quarter valued at $26,000. Quest Partners LLC bought a new position in Confluent during the fourth quarter worth about $31,000. V Square Quantitative Management LLC bought a new stake in Confluent in the second quarter valued at approximately $68,000. UniSuper Management Pty Ltd lifted its position in shares of Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after buying an additional 1,500 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in shares of Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after acquiring an additional 859 shares during the last quarter. 78.09% of the stock is owned by institutional investors.

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.