Confluent (NASDAQ:CFLT) PT Raised to $38.00 at Needham & Company LLC

Confluent (NASDAQ:CFLTGet Free Report) had its price objective raised by research analysts at Needham & Company LLC from $35.00 to $38.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 22.74% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on CFLT. The Goldman Sachs Group upped their target price on shares of Confluent from $24.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, February 8th. Wells Fargo & Company upped their price target on shares of Confluent from $30.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. Barclays upped their price target on shares of Confluent from $26.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. Stifel Nicolaus assumed coverage on shares of Confluent in a research note on Wednesday, February 21st. They issued a “buy” rating and a $40.00 price target on the stock. Finally, UBS Group upped their price target on shares of Confluent from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, Confluent currently has an average rating of “Moderate Buy” and a consensus price target of $30.92.

Read Our Latest Analysis on CFLT

Confluent Stock Down 2.6 %

Shares of CFLT stock opened at $30.96 on Friday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. The firm’s 50-day moving average is $29.09 and its 200-day moving average is $26.64. The stock has a market cap of $9.68 billion, a price-to-earnings ratio of -21.06 and a beta of 0.95. Confluent has a 52-week low of $14.69 and a 52-week high of $41.22.

Confluent (NASDAQ:CFLTGet Free Report) last issued its earnings results 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). The firm had revenue of $213.18 million during the quarter, compared to the consensus estimate of $204.62 million. Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. Sell-side analysts predict that Confluent will post -0.92 EPS for the current year.

Insider Buying and Selling

In related news, CAO Ying Christina Liu sold 4,109 shares of the 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 sale, the chief accounting officer now owns 123,497 shares in the company, valued at approximately $3,970,428.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CTO Chad Verbowski sold 5,963 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $191,710.45. Following the completion of the transaction, the chief technology officer now owns 404,412 shares of the company’s stock, valued at approximately $13,001,845.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Ying Christina Liu sold 4,109 shares of the 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 transaction, the chief accounting officer now directly owns 123,497 shares of the company’s stock, valued at approximately $3,970,428.55. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,433,170 shares of company stock worth $46,438,029. Corporate insiders own 22.08% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several large investors have recently modified their holdings of CFLT. 1832 Asset Management L.P. raised its stake in shares of Confluent by 1,059.4% during the second quarter. 1832 Asset Management L.P. now owns 6,354,800 shares of the company’s stock valued at $224,388,000 after acquiring an additional 5,806,700 shares during the last quarter. Coatue Management LLC bought a new position in Confluent during the fourth quarter worth $134,132,000. Price T Rowe Associates Inc. MD grew its holdings in Confluent by 34.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,994,745 shares of the company’s stock worth $350,878,000 after purchasing an additional 3,870,881 shares during the period. Whale Rock Capital Management LLC acquired a new stake in Confluent in the second quarter worth $105,594,000. Finally, Vanguard Group Inc. grew its holdings in shares of Confluent by 96.6% during the first quarter. Vanguard Group Inc. now owns 5,063,242 shares of the company’s stock valued at $207,593,000 after buying an additional 2,488,471 shares during the last quarter. Institutional investors own 59.30% 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)

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