Confluent (NASDAQ:CFLT) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Confluent (NASDAQ:CFLT) in a research note published on Friday,Benzinga reports. They currently have a $31.00 price objective on the stock.

Several other research analysts have also recently weighed in on the company. Royal Bank of Canada upped their price objective on Confluent from $26.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Sanford C. Bernstein decreased their price target on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Robert W. Baird lifted their price objective on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Baird R W upgraded shares of Confluent to a “hold” rating in a report on Wednesday, September 4th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $40.00 price target on shares of Confluent in a research note on Tuesday, October 29th. One equities research 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 company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.88.

Confluent Price Performance

NASDAQ CFLT opened at $27.51 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. The stock has a market cap of $9.02 billion, a price-to-earnings ratio of -24.78 and a beta of 0.82. The business has a 50 day simple moving average of $22.54 and a 200 day simple moving average of $24.55. Confluent has a 52-week low of $17.79 and a 52-week high of $35.07.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.03. The company had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. Analysts anticipate that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In other news, Director Matthew Craig Miller sold 1,084,259 shares of Confluent stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $28.90, for a total value of $31,335,085.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $29.29, for a total value of $6,809,925.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $13,253,373.52. This represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,308,766 shares of company stock valued at $90,381,635. 13.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Confluent

Several large investors have recently modified their holdings of CFLT. V Square Quantitative Management LLC bought a new position in Confluent in the 2nd quarter valued at about $68,000. Point72 Hong Kong Ltd acquired a new stake in Confluent in the third quarter valued at approximately $68,000. UniSuper Management Pty Ltd increased its holdings in Confluent by 125.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after purchasing an additional 1,500 shares in the last quarter. Advisors Asset Management Inc. boosted its position in 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 buying an additional 859 shares during the period. Finally, Lazard Asset Management LLC increased its position in Confluent by 25.5% in the 1st quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock valued at $175,000 after acquiring an additional 1,167 shares during the period. 78.09% of the stock is owned by institutional investors and hedge funds.

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.