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

Needham & Company LLC reaffirmed their buy rating on shares of Confluent (NASDAQ:CFLT) in a report issued on Friday,Benzinga reports. Needham & Company LLC currently has a $40.00 price objective on the stock.

A number of other brokerages have also recently issued reports on CFLT. Mizuho boosted their price objective on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Wells Fargo & Company boosted their price objective on Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Canaccord Genuity Group lifted their price target on shares of Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Piper Sandler lifted their price target on shares of Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Finally, Morgan Stanley lifted their price target on shares of Confluent from $30.00 to $32.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $35.15.

Confluent Trading Down 7.1 %

Confluent stock opened at $26.61 on Friday. Confluent has a 52 week low of $17.79 and a 52 week high of $37.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The stock has a market capitalization of $8.89 billion, a P/E ratio of -24.64 and a beta of 0.90. The stock has a 50-day simple moving average of $29.93 and a 200 day simple moving average of $26.66.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Analysts expect that Confluent will post -0.83 earnings per share for the current year.

Insider Transactions at Confluent

In related news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $31.68, for a total value of $2,018,934.72. Following the sale, the insider now owns 678,016 shares of the company’s stock, valued at $21,479,546.88. The trade was a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $14,628,937.04. This represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,079,707 shares of company stock worth $35,196,579. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

A number of institutional investors have recently bought and sold shares of the company. Fluent Financial LLC bought a new stake in Confluent during the fourth quarter valued at $606,000. Infinitum Asset Management LLC bought a new stake in Confluent during the fourth quarter valued at $10,485,000. Cache Advisors LLC acquired a new position in shares of Confluent during the fourth quarter valued at about $1,322,000. Neo Ivy Capital Management acquired a new position in shares of Confluent during the fourth quarter valued at about $2,088,000. Finally, Vident Advisory LLC acquired a new position in shares of Confluent during the fourth quarter valued at about $972,000. 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.