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

Confluent (NASDAQ:CFLT)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research note issued to investors on Friday,Benzinga reports. They presently have a $31.00 price target on the stock. Needham & Company LLC’s price target points to a potential upside of 14.52% from the company’s current price.

Other analysts have also issued reports about the company. Wolfe Research upgraded Confluent to a “strong-buy” rating in a report on Wednesday, September 18th. Wells Fargo & Company cut their price target on Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Royal Bank of Canada boosted their price target on Confluent from $26.00 to $33.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Citigroup raised their price objective on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $30.88.

Confluent Trading Down 5.1 %

NASDAQ:CFLT opened at $27.07 on Friday. The stock has a market cap of $8.88 billion, a PE ratio of -24.39 and a beta of 0.82. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $35.07. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The stock’s 50-day moving average is $22.39 and its two-hundred day moving average is $24.58.

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

Insider Activity at Confluent

In related news, CFO Rohan Sivaram sold 22,926 shares of Confluent stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $497,035.68. Following the sale, the chief financial officer now directly owns 555,337 shares of the company’s stock, valued at $12,039,706.16. This trade represents a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $29.29, for a total value of $6,809,925.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $13,253,373.52. This trade represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,358,654 shares of company stock worth $91,463,207 in the last ninety days. 13.82% of the stock is currently owned by insiders.

Institutional Trading of Confluent

Institutional investors and hedge funds have recently modified their holdings of the company. EP Wealth Advisors LLC lifted its position in Confluent by 3.6% in the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock worth $293,000 after purchasing an additional 503 shares during the period. DekaBank Deutsche Girozentrale raised its stake in shares of Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock valued at $322,000 after buying an additional 857 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after acquiring an additional 859 shares during the period. Fulton Bank N.A. boosted its position in shares of Confluent by 15.0% during the 2nd quarter. Fulton Bank N.A. now owns 8,145 shares of the company’s stock valued at $241,000 after acquiring an additional 1,064 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Confluent by 9.6% in the second quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company’s stock valued at $374,000 after acquiring an additional 1,113 shares during the period. 78.09% of the stock is currently owned by 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.