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

Confluent (NASDAQ:CFLTGet Free Report)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports. They currently have a $38.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 45.76% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the company. Oppenheimer began coverage on Confluent in a research report on Friday, May 17th. They set an “outperform” rating and a $37.00 price objective on the stock. Barclays upped their price objective on Confluent from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Evercore ISI began coverage on Confluent in a research report on Tuesday. They set an “outperform” rating and a $35.00 price objective on the stock. The Goldman Sachs Group upped their price objective on Confluent from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Finally, Stifel Nicolaus started coverage on Confluent in a research report on Wednesday, February 21st. They set a “buy” rating and a $40.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and an average target price of $33.11.

Get Our Latest Research Report on Confluent

Confluent Stock Performance

NASDAQ CFLT opened at $26.07 on Tuesday. The firm has a market cap of $8.29 billion, a price-to-earnings ratio of -20.86 and a beta of 0.88. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. The business has a 50-day moving average price of $29.01 and a 200-day moving average price of $27.56. Confluent has a twelve month low of $14.69 and a twelve month high of $41.22.

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

Insider Buying and Selling

In other Confluent news, CAO Ying Christina Liu sold 68,000 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the sale, the chief accounting officer now owns 168,338 shares of the company’s stock, valued at approximately $5,228,578.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Confluent news, CAO Ying Christina Liu sold 68,000 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the sale, the chief accounting officer now owns 168,338 shares of the company’s stock, valued at approximately $5,228,578.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the sale, the chief technology officer now directly owns 532,072 shares in the company, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. Insiders have sold a total of 632,636 shares of company stock valued at $18,176,366 over the last quarter. 13.82% of the stock is owned by corporate insiders.

Institutional Trading of Confluent

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Hollencrest Capital Management purchased a new stake in shares of Confluent during the 1st quarter valued at $26,000. UniSuper Management Pty Ltd purchased a new stake in shares of Confluent during the 3rd quarter valued at $36,000. Rakuten Securities Inc. purchased a new stake in shares of Confluent during the 4th quarter valued at $31,000. Quest Partners LLC purchased a new stake in shares of Confluent during the 4th quarter valued at $31,000. Finally, GAMMA Investing LLC purchased a new stake in shares of Confluent during the 4th quarter valued at $35,000. 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)

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