Confluent (NASDAQ:CFLT) Receives “Buy” Rating from Needham & Company LLC

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

Several other equities research analysts have also recently commented on the stock. Scotiabank raised their target price on shares of Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. Barclays raised their target price on Confluent from $29.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Wells Fargo & Company reduced their price target on Confluent from $38.00 to $34.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Deutsche Bank Aktiengesellschaft decreased their price objective on Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Finally, Wolfe Research upgraded 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, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and an average price target of $30.88.

Confluent Stock Down 1.6 %

NASDAQ CFLT opened at $28.53 on Friday. The business’s 50-day moving average is $22.24 and its 200 day moving average is $24.62. The stock has a market capitalization of $9.36 billion, a PE ratio of -25.70 and a beta of 0.82. 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.

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

Insider Buying and Selling at Confluent

In other Confluent news, insider Erica Schultz sold 9,556 shares of the company’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 $207,174.08. Following the completion of the sale, the insider now directly owns 687,483 shares of the company’s stock, valued at approximately $14,904,631.44. This represents a 1.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Stephanie Buscemi sold 3,866 shares of the 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 completion of the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at $3,505,070.64. The trade was a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,041,895 shares of company stock worth $53,318,197. Insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

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

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.