Confluent’s (CFLT) Buy Rating Reaffirmed at Needham & Company LLC

Confluent (NASDAQ:CFLT)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research note issued to investors on Friday,Benzinga reports. They currently have a $31.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 8.66% from the company’s previous close.

CFLT has been the topic of a number of other research reports. Truist Financial reaffirmed a “buy” rating and issued a $30.00 price objective (down previously from $36.00) on shares of Confluent in a research note on Thursday, August 1st. Loop Capital reduced their price target on shares of Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, July 19th. Sanford C. Bernstein lowered their price objective on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Wells Fargo & Company reduced their target price on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Finally, Royal Bank of Canada increased their price target on shares of Confluent from $26.00 to $33.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $30.88.

Confluent Trading Down 1.6 %

CFLT stock opened at $28.53 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. Confluent has a 1-year low of $17.79 and a 1-year high of $35.07. The business has a 50 day simple moving average of $22.24 and a two-hundred day simple moving average of $24.62. The company has a market capitalization of $9.36 billion, a price-to-earnings ratio of -25.70 and a beta of 0.82.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. The firm had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. Research analysts anticipate that Confluent will post -0.9 EPS for the current fiscal year.

Insider Activity at Confluent

In related news, CMO Stephanie Buscemi sold 3,866 shares of the business’s 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 transaction, the chief marketing officer now directly owns 161,673 shares in the company, valued at $3,505,070.64. The trade was a 2.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Erica Schultz sold 9,556 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $207,174.08. Following the sale, the insider now owns 687,483 shares in the company, valued at $14,904,631.44. The trade was a 1.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,041,895 shares of company stock valued at $53,318,197 over the last quarter. 13.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CFLT. Diversified Trust Co boosted its position in Confluent by 110.3% in the 3rd quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after purchasing an additional 31,729 shares in the last quarter. Sycomore Asset Management grew its position in Confluent by 308.3% during the second quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock valued at $9,176,000 after buying an additional 251,507 shares during the period. Pathway Capital Management LP purchased a new position in Confluent in the third quarter valued at $918,000. Sei Investments Co. boosted its stake in shares of Confluent by 29.1% during the 2nd quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock worth $9,022,000 after acquiring an additional 68,880 shares in the last quarter. Finally, Creative Planning grew its position in shares of Confluent by 109.9% during the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after acquiring an additional 49,699 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.