Needham & Company LLC Boosts Confluent (NASDAQ:CFLT) Price Target to $31.00

Confluent (NASDAQ:CFLT) had its target price lifted by equities research analysts at Needham & Company LLC from $28.00 to $31.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 18.23% from the company’s previous close.

A number of other research analysts also recently weighed in on CFLT. Truist Financial reiterated a “buy” rating and set a $30.00 price target (down previously from $36.00) on shares of Confluent in a report on Thursday, August 1st. Royal Bank of Canada lowered their price target on Confluent from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Mizuho cut their price objective on shares of Confluent from $31.00 to $29.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. DA Davidson reissued a “buy” rating and issued a $30.00 target price on shares of Confluent in a research report on Wednesday, September 18th. Finally, Baird R W upgraded shares of Confluent to a “hold” rating in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and an average price target of $30.28.

Confluent Trading Up 0.2 %

NASDAQ:CFLT opened at $26.22 on Thursday. The stock has a fifty day simple moving average of $21.04 and a 200 day simple moving average of $24.67. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $8.46 billion, a price-to-earnings ratio of -23.62 and a beta of 0.88. Confluent has a 1-year low of $14.69 and a 1-year high of $35.07.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.97%. The company had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Sell-side analysts forecast that Confluent will post -0.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Erica Schultz sold 9,556 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were 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 of the company’s stock, valued at approximately $14,904,631.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the transaction, the director now owns 7,160 shares in the company, valued at approximately $143,271.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Erica Schultz sold 9,556 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $207,174.08. Following the transaction, the insider now directly owns 687,483 shares in the company, valued at approximately $14,904,631.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 524,453 shares of company stock worth $10,833,388 over the last three months. 13.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its holdings in Confluent by 4.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 26,352 shares of the company’s stock valued at $804,000 after buying an additional 1,062 shares during the period. Diversified Trust Co acquired a new stake in shares of Confluent during the first quarter worth $639,000. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Confluent by 1.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 366,116 shares of the company’s stock worth $11,174,000 after buying an additional 5,362 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of Confluent by 129.3% in the 1st quarter. Commonwealth Equity Services LLC now owns 32,617 shares of the company’s stock valued at $995,000 after acquiring an additional 18,391 shares during the last quarter. Finally, Smith Group Asset Management LLC bought a new position in Confluent during the 1st quarter worth approximately $204,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.