Confluent (NASDAQ:CFLT) Price Target Cut to $28.00

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

Several other analysts have also recently issued reports on the company. Royal Bank of Canada reduced their price objective on Confluent from $35.00 to $30.00 and set an outperform rating on the stock in a research note on Thursday, August 1st. Stifel Nicolaus cut their price target on Confluent from $40.00 to $32.00 and set a buy rating on the stock in a research note on Thursday, August 1st. Citigroup cut their price target on Confluent from $32.00 to $28.00 and set a neutral rating on the stock in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft cut their price target on Confluent from $35.00 to $30.00 and set a buy rating on the stock in a research note on Thursday, August 1st. Finally, Guggenheim restated a buy rating and issued a $37.00 price target on shares of Confluent in a research note on Tuesday, June 25th. One equities 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 given a strong buy rating to the stock. Based on data from MarketBeat, Confluent has a consensus rating of Moderate Buy and an average target price of $29.97.

Confluent Stock Performance

NASDAQ CFLT opened at $19.69 on Friday. The stock has a market capitalization of $6.26 billion, a price-to-earnings ratio of -15.75 and a beta of 0.88. Confluent has a twelve month low of $14.69 and a twelve month high of $35.07. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. The stock has a 50-day moving average of $21.71 and a 200 day moving average of $26.52.

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

Insider Transactions at Confluent

In related news, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at $3,505,070.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Confluent news, CTO Chad Verbowski sold 13,540 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $293,547.20. Following the transaction, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at approximately $10,770,775.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CMO Stephanie Buscemi sold 3,866 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the transaction, the chief marketing officer now directly owns 161,673 shares in the company, valued at $3,505,070.64. The disclosure for this sale can be found here. Insiders sold 524,263 shares of company stock valued at $10,829,566 over the last quarter. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of hedge funds have recently made changes to their positions in the stock. Panagora Asset Management Inc. acquired a new position in shares of Confluent in the 4th quarter worth approximately $745,000. Norges Bank purchased a new position in Confluent during the 4th quarter worth $37,046,000. Dynamic Technology Lab Private Ltd boosted its holdings in Confluent by 1.9% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock worth $448,000 after acquiring an additional 359 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in Confluent by 103.1% during the 4th quarter. Clearbridge Investments LLC now owns 888,502 shares of the company’s stock worth $20,791,000 after acquiring an additional 451,023 shares during the last quarter. Finally, Quest Partners LLC purchased a new position in shares of Confluent in the 4th quarter worth about $31,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.