Confluent (NASDAQ:CFLT) Price Target Cut to $28.00 by Analysts at Evercore ISI

Confluent (NASDAQ:CFLT) had its price target dropped by analysts at Evercore ISI from $33.00 to $28.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s target price suggests a potential upside of 35.53% from the company’s previous close.

CFLT has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Guggenheim restated a “buy” rating and set a $37.00 target price on shares of Confluent in a research report on Tuesday, June 25th. DA Davidson reiterated a “buy” rating and issued a $30.00 target price on shares of Confluent in a report on Wednesday. Stifel Nicolaus cut their price target on Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, Canaccord Genuity Group dropped their target price on shares of Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.45.

Confluent Stock Up 1.7 %

Shares of NASDAQ:CFLT opened at $20.66 on Friday. The firm has a market cap of $6.57 billion, a P/E ratio of -16.53 and a beta of 0.88. Confluent has a 12-month low of $14.69 and a 12-month high of $35.07. The business has a fifty day simple moving average of $21.91 and a 200 day simple moving average of $26.75. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25.

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 company 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%. Analysts predict that Confluent will post -0.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the transaction, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the sale, the chief marketing officer now directly owns 161,673 shares in the company, valued at approximately $3,505,070.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lara Caimi sold 9,375 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $20.01, for a total transaction of $187,593.75. Following the transaction, the director now owns 7,160 shares of the company’s stock, valued at approximately $143,271.60. The disclosure for this sale can be found here. Insiders have sold a total of 524,263 shares of company stock valued at $10,829,566 in the last 90 days. 13.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Confluent

Several large investors have recently modified their holdings of CFLT. Sanctuary Advisors LLC bought a new position in Confluent during the second quarter valued at $462,000. Sycomore Asset Management lifted its position in shares of Confluent by 308.3% during the 2nd quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock valued at $9,176,000 after buying an additional 251,507 shares during the last quarter. Truist Financial Corp grew its stake in shares of Confluent by 5.3% during the 2nd quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock worth $721,000 after acquiring an additional 1,238 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Confluent by 4.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 121,364 shares of the company’s stock worth $3,584,000 after acquiring an additional 5,631 shares during the last quarter. Finally, MBB Public Markets I LLC bought a new stake in Confluent in the 2nd quarter valued at about $493,000. Hedge funds and other institutional investors 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.