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

Confluent (NASDAQ:CFLTGet Free Report)‘s stock had its “buy” rating restated by Needham & Company LLC in a report released on Tuesday, Benzinga reports. They currently have a $38.00 price target on the stock. Needham & Company LLC’s target price indicates a potential upside of 45.76% from the company’s current price.

CFLT has been the topic of several other research reports. Oppenheimer began coverage on Confluent in a research note on Friday, May 17th. They issued an “outperform” rating and a $37.00 price target on the stock. Canaccord Genuity Group upgraded Confluent from a “hold” rating to a “buy” rating and upped their price target for the stock from $28.00 to $35.00 in a research note on Wednesday, May 8th. The Goldman Sachs Group upped their price target on Confluent from $27.00 to $30.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. Evercore ISI started coverage on Confluent in a research note on Tuesday. They issued an “outperform” rating and a $35.00 price target on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $40.00 price objective on shares of Confluent in a research report on Tuesday, June 4th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $33.11.

View Our Latest Stock Report on Confluent

Confluent Stock Up 1.1 %

Shares of NASDAQ:CFLT opened at $26.07 on Tuesday. Confluent has a 1 year low of $14.69 and a 1 year high of $41.22. The company has a market cap of $8.29 billion, a PE ratio of -20.86 and a beta of 0.88. The company has a debt-to-equity ratio of 1.29, a current ratio of 5.07 and a quick ratio of 5.07. The stock’s 50-day moving average is $29.01 and its 200 day moving average is $27.56.

Confluent (NASDAQ:CFLTGet Free Report) last posted its earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. The firm had revenue of $217.24 million for the quarter, compared to analysts’ expectations of $211.57 million. Sell-side analysts anticipate that Confluent will post -0.94 EPS for the current year.

Insiders Place Their Bets

In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the sale, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the sale, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $26.01, for a total value of $1,657,591.29. Following the completion of the sale, the insider now owns 697,039 shares of the company’s stock, valued at approximately $18,129,984.39. The disclosure for this sale can be found here. In the last quarter, insiders sold 632,636 shares of company stock worth $18,176,366. Corporate insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Hollencrest Capital Management purchased a new position in shares of Confluent during the first quarter valued at about $26,000. Rakuten Securities Inc. purchased a new position in shares of Confluent during the fourth quarter valued at about $31,000. Quest Partners LLC purchased a new position in shares of Confluent during the fourth quarter valued at about $31,000. GAMMA Investing LLC bought a new position in shares of Confluent in the 4th quarter valued at about $35,000. Finally, UniSuper Management Pty Ltd bought a new position in shares of Confluent in the 3rd quarter valued at about $36,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Confluent (NASDAQ:CFLT)

Receive News & Ratings for Confluent Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Confluent and related companies with MarketBeat.com's FREE daily email newsletter.