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

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

Other equities research analysts also recently issued reports about the stock. Canaccord Genuity Group lowered their price target on shares of Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Needham & Company LLC reiterated a “buy” rating and issued a $38.00 target price on shares of Confluent in a research note on Tuesday, July 30th. Scotiabank reduced their price target on shares of Confluent from $28.00 to $25.00 and set a “sector perform” rating for the company in a research report on Thursday, August 1st. Stifel Nicolaus lowered their price objective on Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a research report 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 stock. Based on data from MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and a consensus target price of $30.45.

Confluent Trading Up 1.7 %

Shares of CFLT stock opened at $20.66 on Friday. The stock has a market capitalization of $6.57 billion, a price-to-earnings ratio of -16.53 and a beta of 0.88. The company’s fifty day simple moving average is $21.91 and its two-hundred day simple moving average is $26.75. Confluent has a 1 year low of $14.69 and a 1 year high of $35.07. 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 released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The company had revenue of $234.99 million for the quarter, compared to the consensus estimate of $229.49 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. As a group, analysts anticipate that Confluent will post -0.95 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,045,235.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Lara Caimi sold 9,375 shares of the firm’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 directly owns 7,160 shares of the company’s stock, valued at $143,271.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $9,045,235.12. The disclosure for this sale can be found here. Insiders have sold a total of 524,263 shares of company stock worth $10,829,566 in the last ninety days. 13.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Confluent

Several hedge funds have recently made changes to their positions in CFLT. Hollencrest Capital Management purchased a new stake in Confluent in the first quarter worth $26,000. Quest Partners LLC purchased a new stake in shares of Confluent in the 4th quarter worth about $31,000. V Square Quantitative Management LLC bought a new stake in shares of Confluent during the 2nd quarter valued at about $68,000. UniSuper Management Pty Ltd increased its position in shares of Confluent by 125.0% during 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 period. Finally, Advisors Asset Management Inc. raised its stake in Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after buying an additional 859 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.