TD Cowen Cuts Confluent (NASDAQ:CFLT) Price Target to $27.00

Confluent (NASDAQ:CFLT) had its price target lowered by TD Cowen from $31.00 to $27.00 in a report published on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the company. Stifel Nicolaus lowered their price target on Confluent from $40.00 to $32.00 and set a buy rating for the company in a research report on Thursday, August 1st. Mizuho lowered their price objective on shares of Confluent from $36.00 to $34.00 and set an outperform rating on the stock in a research note on Tuesday, July 16th. Wells Fargo & Company decreased their target price on shares of Confluent from $38.00 to $34.00 and set an overweight rating on the stock in a research note on Thursday, August 1st. Royal Bank of Canada cut their price objective on shares of Confluent from $35.00 to $30.00 and set an outperform rating for the company in a report on Thursday, August 1st. Finally, Evercore ISI cut their target price on shares of Confluent from $33.00 to $28.00 and set an outperform rating for the company in a report on Friday. One 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $30.31.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $20.36 on Friday. The company has a 50-day moving average price of $21.71 and a two-hundred day moving average price of $26.57. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. Confluent has a twelve month low of $14.69 and a twelve month high of $35.07. The firm has a market capitalization of $6.47 billion, a PE ratio of -16.29 and a beta of 0.88.

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

Insider Activity

In other Confluent news, CMO Stephanie Buscemi sold 3,866 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 $83,814.88. Following the completion of the transaction, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Confluent 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 transaction of $187,593.75. Following the transaction, the director now directly owns 7,160 shares in the company, valued at $143,271.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CMO Stephanie Buscemi sold 3,866 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the transaction, 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. Over the last ninety days, insiders sold 524,263 shares of company stock valued at $10,829,566. 13.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Confluent

A number of institutional investors have recently added to or reduced their stakes in CFLT. Vanguard Group Inc. raised its position in shares of Confluent by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock valued at $602,505,000 after acquiring an additional 669,675 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Confluent by 17.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after buying an additional 2,587,169 shares in the last quarter. 1832 Asset Management L.P. increased its position in shares of Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after buying an additional 1,684,100 shares in the last quarter. William Blair Investment Management LLC acquired a new position in Confluent in the 2nd quarter worth $193,403,000. Finally, Coatue Management LLC acquired a new position in shares of Confluent during the 4th quarter worth about $134,132,000. 78.09% of the stock is owned by institutional investors and hedge funds.

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.