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

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

A number of other brokerages also recently weighed in on CFLT. Piper Sandler dropped their target price on shares of Confluent from $37.00 to $32.00 and set an overweight rating for the company in a research note on Thursday, August 1st. JPMorgan Chase & Co. raised Confluent from a neutral rating to an overweight rating and set a $25.00 price objective on the stock in a report on Friday, August 9th. Canaccord Genuity Group lowered their target price on Confluent from $35.00 to $34.00 and set a buy rating for the company in a research note on Thursday, August 1st. Royal Bank of Canada cut their price target on Confluent from $35.00 to $30.00 and set an outperform rating on the stock in a research note on Thursday, August 1st. Finally, Baird R W upgraded Confluent to a hold rating in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $30.31.

Confluent Stock Down 1.5 %

NASDAQ CFLT opened at $20.36 on Friday. The stock’s 50 day simple moving average is $21.83 and its 200 day simple moving average is $26.71. Confluent has a one year low of $14.69 and a one year high of $35.07. The firm has a market cap of $6.47 billion, a PE ratio of -16.29 and a beta of 0.88. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44.

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

Insider Transactions at Confluent

In related news, CMO Stephanie Buscemi sold 3,866 shares of the firm’s 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 sale, the chief marketing officer now directly owns 161,673 shares in the company, valued at $3,505,070.64. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Confluent news, CTO Chad Verbowski sold 13,540 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 transaction of $293,547.20. Following the completion of the transaction, the chief technology officer now 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 at this hyperlink. Also, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction that occurred 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 sale, the chief marketing officer now 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 Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC acquired a new position in shares of Confluent during the 2nd quarter worth about $462,000. Sycomore Asset Management raised its holdings in Confluent by 308.3% during the second quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock worth $9,176,000 after acquiring an additional 251,507 shares in the last quarter. Truist Financial Corp boosted its position in Confluent by 5.3% during the second quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock valued at $721,000 after purchasing an additional 1,238 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Confluent by 4.9% in the second quarter. The Manufacturers Life Insurance Company now owns 121,364 shares of the company’s stock valued at $3,584,000 after purchasing an additional 5,631 shares in the last quarter. Finally, MBB Public Markets I LLC acquired a new position in shares of Confluent during the 2nd quarter worth approximately $493,000. 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.