Shares of Confluent, Inc. (CFLT) plummeted 5.05% in Friday's pre-market trading session following downward revisions in price targets by two major financial institutions. The significant drop comes as investors react to the lowered expectations for the data streaming platform provider.

Mizuho Securities led the bearish sentiment by reducing its price target for Confluent from $28 to $24. Shortly after, Barclays followed suit, slashing its target even more dramatically from $31 to $24. These downward revisions from prominent analysts have evidently shaken investor confidence, leading to the sharp decline in Confluent's stock price.

While the specific reasons behind the price target cuts were not immediately clear, such actions by analysts are often based on various factors including the company's financial performance, market conditions, or changes in the competitive landscape. Investors will likely be closely watching for any additional information or guidance from Confluent to better understand the implications of these analyst actions on the company's future prospects.