Confluent (NASDAQ:CFLT) Rating Reiterated by Needham & Company LLC

Confluent (NASDAQ:CFLT)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a research note issued on Monday, Benzinga reports. They currently have a $28.00 price target on the stock. Needham & Company LLC’s target price suggests a potential upside of 41.34% from the stock’s previous close.

Several other research firms also recently commented on CFLT. Truist Financial reissued a “buy” rating and set a $30.00 target price (down from $36.00) on shares of Confluent in a research report on Thursday, August 1st. Evercore ISI reduced their target price on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. Baird R W upgraded Confluent to a “hold” rating in a research report on Wednesday, September 4th. Robert W. Baird initiated coverage on Confluent in a research note on Wednesday, September 4th. They set a “neutral” rating and a $23.00 price objective for the company. Finally, Wolfe Research raised shares of Confluent to a “strong-buy” rating in a report on Wednesday, September 18th. One equities research 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 issued a strong buy rating to the company. Based on data from MarketBeat, Confluent currently has an average rating of “Moderate Buy” and an average price target of $29.97.

Confluent Stock Up 0.6 %

CFLT stock opened at $19.81 on Monday. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. Confluent has a 1-year low of $14.69 and a 1-year high of $35.07. The firm has a fifty day moving average price of $21.57 and a two-hundred day moving average price of $26.42. The firm has a market cap of $6.30 billion, a price-to-earnings ratio of -15.85 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The firm had revenue of $234.99 million for the quarter, compared to analyst estimates of $229.49 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. Research analysts predict that Confluent will post -0.95 EPS for the current year.

Insider Activity at Confluent

In other news, CMO Stephanie Buscemi sold 3,866 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were 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 of the company’s stock, valued at $3,505,070.64. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,561,071.44. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction that occurred 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 owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 524,453 shares of company stock worth $10,833,388. Company insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in 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 buying an additional 669,675 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in 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 worth $536,601,000 after purchasing an additional 2,587,169 shares in the last quarter. 1832 Asset Management L.P. boosted its stake in Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after purchasing an additional 1,684,100 shares in the last quarter. William Blair Investment Management LLC purchased a new stake in Confluent during the 2nd quarter worth approximately $193,403,000. Finally, Coatue Management LLC acquired a new stake in shares of Confluent during the fourth quarter worth $134,132,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.