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

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

Several other brokerages have also recently commented on CFLT. JMP Securities raised their target price on Confluent from $25.00 to $38.00 and gave the stock a market outperform rating in a research report on Thursday, February 8th. Canaccord Genuity Group raised shares of Confluent from a hold rating to a buy rating and set a $35.00 price objective for the company in a report on Wednesday. Royal Bank of Canada lifted their target price on shares of Confluent from $35.00 to $37.00 and gave the company an outperform rating in a research report on Wednesday, February 14th. UBS Group increased their price target on shares of Confluent from $21.00 to $26.00 and gave the stock a neutral rating in a research report on Monday, February 5th. Finally, Loop Capital started coverage on Confluent in a report on Tuesday, January 30th. They set a hold rating and a $23.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $32.77.

Confluent Stock Up 12.8 %

NASDAQ CFLT opened at $31.38 on Wednesday. Confluent has a twelve month low of $14.69 and a twelve month high of $41.22. The stock has a market cap of $9.81 billion, a PE ratio of -21.35 and a beta of 0.93. The firm has a 50-day simple moving average of $30.20 and a 200 day simple moving average of $26.28. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) 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 firm had revenue of $213.18 million during the quarter, compared to the consensus estimate of $204.62 million. On average, research analysts forecast that Confluent will post -0.92 EPS for the current year.

Insider Buying and Selling at Confluent

In other news, CAO Ying Christina Liu sold 4,109 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total transaction of $132,104.35. Following the completion of the sale, the chief accounting officer now owns 123,497 shares in the company, valued at $3,970,428.55. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CAO Ying Christina Liu sold 4,109 shares of Confluent stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total transaction of $132,104.35. Following the completion of the sale, the chief accounting officer now owns 123,497 shares in the company, valued at approximately $3,970,428.55. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $33.91, for a total transaction of $2,161,050.39. Following the sale, the insider now directly owns 706,715 shares of the company’s stock, valued at $23,964,705.65. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,433,170 shares of company stock worth $46,438,029. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CFLT. Hollencrest Capital Management bought a new stake in Confluent in the first quarter valued at about $26,000. Rakuten Securities Inc. acquired a new position in shares of Confluent during the 4th quarter worth about $31,000. Quest Partners LLC bought a new stake in shares of Confluent in the 4th quarter valued at about $31,000. GAMMA Investing LLC bought a new stake in shares of Confluent in the 4th quarter valued at about $35,000. Finally, UniSuper Management Pty Ltd acquired a new stake in shares of Confluent in the 3rd quarter valued at approximately $36,000. 78.09% of the stock is currently owned by institutional investors.

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.