Confluent (NASDAQ:CFLT) PT Lowered to $28.00

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

A number of other analysts have also commented on the company. Baird R W raised Confluent to a hold rating in a research note on Wednesday, September 4th. DA Davidson reaffirmed a buy rating and issued a $30.00 price target on shares of Confluent in a research note on Wednesday, September 18th. Piper Sandler dropped their price target on Confluent from $37.00 to $32.00 and set an overweight rating for the company in a research note on Thursday, August 1st. Mizuho dropped their price target on Confluent from $36.00 to $34.00 and set an outperform rating for the company in a research note on Tuesday, July 16th. Finally, Canaccord Genuity Group decreased their price objective on Confluent from $35.00 to $34.00 and set a buy rating for the company in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $29.97.

Confluent Trading Down 3.3 %

Shares of CFLT opened at $19.69 on Friday. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. The business’s 50-day moving average price is $21.71 and its 200-day moving average price is $26.52. The stock has a market cap of $6.26 billion, a PE 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.

Confluent (NASDAQ:CFLT) last issued its quarterly 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 business 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%. On average, equities analysts forecast that Confluent will post -0.95 EPS for the current fiscal year.

Insider Buying and Selling

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,561,071.44. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total value of $4,912,725.00. Following the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,561,071.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total transaction of $187,593.75. Following the completion of the transaction, the director now directly owns 7,160 shares in the company, valued at $143,271.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 524,263 shares of company stock worth $10,829,566. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hollencrest Capital Management acquired a new stake in Confluent during the 1st quarter worth approximately $26,000. Quest Partners LLC acquired a new position in shares of Confluent during the fourth quarter valued at $31,000. V Square Quantitative Management LLC acquired a new position in shares of Confluent during the second quarter valued at $68,000. UniSuper Management Pty Ltd increased its holdings 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 purchasing an additional 1,500 shares during the period. Finally, Advisors Asset Management Inc. increased its holdings in shares of Confluent by 40.3% during the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after purchasing an additional 859 shares during the period. 78.09% of the stock is currently owned by hedge funds and other 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.