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

Needham & Company LLC reiterated their buy rating on shares of Confluent (NASDAQ:CFLT) in a research report released on Wednesday, Benzinga reports. They currently have a $38.00 price target on the stock.

Several other brokerages have also issued reports on CFLT. Wells Fargo & Company increased their price target on Confluent from $30.00 to $36.00 and gave the stock an overweight rating in a report on Thursday, February 8th. Barclays lifted their price target on shares of Confluent from $26.00 to $33.00 and gave the company an overweight rating in a research report on Thursday, February 8th. The Goldman Sachs Group raised their price objective on shares of Confluent from $24.00 to $27.00 and gave the company a neutral rating in a research note on Thursday, February 8th. Stifel Nicolaus started coverage on shares of Confluent in a research report on Wednesday, February 21st. They set a buy rating and a $40.00 target price for the company. Finally, Canaccord Genuity Group raised shares of 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. One research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $32.77.

Confluent Stock Up 12.8 %

Shares of NASDAQ CFLT opened at $31.38 on Wednesday. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.34. The firm has a market cap of $9.81 billion, a PE ratio of -21.35 and a beta of 0.93. The company’s fifty day simple moving average is $30.20 and its 200 day simple moving average is $26.28. Confluent has a 12-month low of $14.69 and a 12-month high of $41.22.

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

Insider Buying and Selling at Confluent

In other news, Director Michelangelo Volpi sold 637,268 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $31.73, for a total transaction of $20,220,513.64. Following the completion of the transaction, the director now owns 302,306 shares in the company, valued at approximately $9,592,169.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Michelangelo Volpi sold 637,268 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $31.73, for a total transaction of $20,220,513.64. Following the sale, the director now owns 302,306 shares of the company’s stock, valued at approximately $9,592,169.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chad Verbowski sold 5,963 shares of Confluent stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $191,710.45. Following the transaction, the chief technology officer now directly owns 404,412 shares of the company’s stock, valued at approximately $13,001,845.80. The disclosure for this sale can be found here. Insiders have sold a total of 1,433,170 shares of company stock worth $46,438,029 over the last ninety days. 13.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Confluent

Several institutional investors have recently bought and sold shares of CFLT. Dynamic Technology Lab Private Ltd raised its stake in shares of Confluent by 1.9% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock valued at $448,000 after acquiring an additional 359 shares during the last quarter. Fifth Third Bancorp raised its position in Confluent by 5.0% during the 4th quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock valued at $274,000 after purchasing an additional 556 shares during the last quarter. Rhumbline Advisers raised its position in Confluent by 0.3% during the 3rd quarter. Rhumbline Advisers now owns 243,828 shares of the company’s stock valued at $7,220,000 after purchasing an additional 629 shares during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Confluent by 6.6% in the 4th quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the company’s stock worth $264,000 after buying an additional 700 shares during the last quarter. Finally, Treasurer of the State of North Carolina increased its stake in shares of Confluent by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock valued at $1,921,000 after buying an additional 800 shares during the period. 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.