Needham & Company LLC Reiterates Buy Rating for Confluent (NASDAQ:CFLT)

Confluent (NASDAQ:CFLTGet Free Report)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a report issued on Wednesday, Benzinga reports. They currently have a $38.00 target price on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 22.46% from the company’s current price.

A number of other equities analysts also recently issued reports on CFLT. Canaccord Genuity Group raised Confluent from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research report on Wednesday. Canaccord Genuity Group raised Confluent from a “hold” rating to a “buy” rating and upped their target price for the company from $28.00 to $35.00 in a research report on Wednesday. UBS Group upped their target price on Confluent from $21.00 to $26.00 and gave the company a “neutral” rating in a research report on Monday, February 5th. The Goldman Sachs Group upped their price target on shares of Confluent from $24.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, February 8th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Confluent from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Thursday, February 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $32.88.

Get Our Latest Analysis on Confluent

Confluent Stock Performance

NASDAQ CFLT opened at $31.03 on Wednesday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $41.22. The company has a market cap of $9.70 billion, a P/E ratio of -21.11 and a beta of 0.93. The business’s 50 day moving average price is $30.20 and its 200-day moving average price is $26.28.

Confluent (NASDAQ:CFLTGet Free Report) last released its earnings results on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. The business had revenue of $213.18 million for the quarter, compared to the consensus estimate of $204.62 million. Sell-side analysts predict that Confluent will post -0.92 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Ying Christina Liu sold 4,109 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $132,104.35. Following the sale, the chief accounting officer now directly owns 123,497 shares in the company, valued at approximately $3,970,428.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CAO Ying Christina Liu sold 4,109 shares of Confluent stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $132,104.35. Following the completion of the sale, the chief accounting officer now owns 123,497 shares in the company, valued at approximately $3,970,428.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $32.46, for a total value of $7,546,950.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 732,173 shares of company stock worth $24,194,120. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of hedge funds and other institutional investors have recently bought and sold shares of CFLT. Blair William & Co. IL increased its stake in Confluent by 24.5% during the first quarter. Blair William & Co. IL now owns 17,800 shares of the company’s stock worth $543,000 after purchasing an additional 3,501 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Confluent by 20.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 154,939 shares of the company’s stock worth $4,729,000 after buying an additional 26,100 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Confluent by 19.6% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,501 shares of the company’s stock worth $473,000 after buying an additional 2,542 shares in the last quarter. ProShare Advisors LLC lifted its holdings in Confluent by 19.6% during the 1st quarter. ProShare Advisors LLC now owns 11,719 shares of the company’s stock worth $358,000 after buying an additional 1,922 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Confluent by 0.7% in the 1st quarter. Russell Investments Group Ltd. now owns 260,808 shares of the company’s stock valued at $7,960,000 after buying an additional 1,707 shares during the period. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Confluent (NASDAQ:CFLT)

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