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

by · The Markets Daily

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

Other equities research analysts have also recently issued research reports about the stock. Robert W. Baird assumed coverage on shares of Confluent in a research report on Wednesday, September 4th. They issued a “neutral” rating and a $23.00 price target for the company. Royal Bank of Canada lowered their price target on shares of Confluent from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Scotiabank decreased their target price 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. DA Davidson reissued a “buy” rating and set a $30.00 target price on shares of Confluent in a research report on Wednesday. Finally, Stifel Nicolaus decreased their target price on shares of Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have assigned 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, the company has a consensus rating of “Moderate Buy” and an average price target of $30.31.

Read Our Latest Research Report on CFLT

Confluent Price Performance

Shares of CFLT opened at $20.36 on Friday. The company has a 50 day moving average price of $21.71 and a 200-day moving average price of $26.61. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $35.07. The stock has a market capitalization 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 quick ratio of 4.44 and a current ratio of 4.44.

Confluent (NASDAQ:CFLT – Get Free Report) last announced 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 analysts’ expectations of $229.49 million. Equities analysts predict that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the 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 sale, the chief executive officer now owns 452,488 shares in the company, valued at $9,561,071.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Edward Jay Kreps sold 232,500 shares of the 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 sale, the chief executive officer now owns 452,488 shares in the company, valued at $9,561,071.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Rohan Sivaram sold 22,926 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $497,035.68. Following the completion of the sale, the chief financial officer now owns 555,337 shares in the company, valued at approximately $12,039,706.16. The disclosure for this sale can be found here. Insiders have sold 524,263 shares of company stock worth $10,829,566 over the last 90 days. 13.82% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management acquired a new stake in Confluent during the first quarter valued at $26,000. Quest Partners LLC acquired a new stake in Confluent during the fourth quarter valued at $31,000. V Square Quantitative Management LLC acquired a new stake in Confluent during the second quarter valued at $68,000. UniSuper Management Pty Ltd grew its position in 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. grew its position in 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 buying an additional 859 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

About Confluent

(Get Free Report)

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.

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