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

Confluent (NASDAQ:CFLT) had its price target lowered by equities research analysts at Evercore ISI from $33.00 to $28.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Evercore ISI’s price objective suggests a potential upside of 37.52% from the stock’s current price.

Several other analysts also recently commented on the stock. Piper Sandler decreased their price objective on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Mizuho decreased their price objective on shares of Confluent from $36.00 to $34.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. Guggenheim restated a “buy” rating and set a $37.00 price objective on shares of Confluent in a research report on Tuesday, June 25th. Wells Fargo & Company decreased their price objective on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Finally, Scotiabank decreased their price objective on shares of Confluent from $28.00 to $25.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.31.

Confluent Stock Down 1.5 %

CFLT opened at $20.36 on Friday. 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 company has a market capitalization of $6.47 billion, a PE ratio of -16.29 and a beta of 0.88. The firm’s 50 day simple moving average is $21.71 and its two-hundred day simple moving average is $26.61.

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

Insider Transactions at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated 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 approximately $9,045,235.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,045,235.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Rohan Sivaram sold 22,926 shares of the company’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 $497,035.68. Following the transaction, the chief financial officer now owns 555,337 shares in the company, valued at $12,039,706.16. 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 three months. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Hedge funds have recently added to or reduced their stakes in the company. Panagora Asset Management Inc. bought a new position in Confluent during the 4th quarter valued at about $745,000. Norges Bank bought a new position in Confluent in the 4th quarter worth about $37,046,000. Highland Capital Management LLC bought a new position in Confluent in the 1st quarter worth about $1,181,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Confluent by 19.6% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,501 shares of the company’s stock worth $473,000 after acquiring an additional 2,542 shares in the last quarter. Finally, William Blair Investment Management LLC bought a new position in Confluent in the 2nd quarter worth about $193,403,000. 78.09% of the stock is currently 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.