Confluent’s (CFLT) “Buy” Rating Reaffirmed at Needham & Company LLC

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

A number of other research firms have also recently weighed in on CFLT. TD Cowen increased their price objective on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft lowered their price target on Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Loop Capital cut their price objective on Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, July 19th. UBS Group raised their target price on Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Piper Sandler dropped their target price on Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.88.

Confluent Trading Down 5.1 %

Confluent stock traded down $1.46 during midday trading on Friday, hitting $27.07. 3,943,328 shares of the stock were exchanged, compared to its average volume of 4,374,944. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $8.88 billion, a price-to-earnings ratio of -24.39 and a beta of 0.82. The stock’s 50-day simple moving average is $22.39 and its 200 day simple moving average is $24.61. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $35.07.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. The company had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. On average, equities analysts anticipate that Confluent will post -0.9 EPS for the current year.

Insider Activity at Confluent

In other news, Director Matthew Craig Miller sold 1,084,259 shares of Confluent stock in a transaction 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $29.29, for a total transaction of $6,809,925.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $13,253,373.52. This represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,358,654 shares of company stock valued at $91,463,207 in the last ninety days. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Diversified Trust Co raised its stake in Confluent by 110.3% during the 3rd quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock valued at $1,233,000 after acquiring an additional 31,729 shares during the last quarter. Sycomore Asset Management raised its stake in shares of Confluent by 308.3% during the second quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock worth $9,176,000 after purchasing an additional 251,507 shares during the last quarter. Pathway Capital Management LP acquired a new stake in shares of Confluent during the third quarter worth $918,000. Sei Investments Co. grew its position in Confluent by 29.1% in the 2nd quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock valued at $9,022,000 after buying an additional 68,880 shares during the last quarter. Finally, Creative Planning increased its stake in Confluent by 109.9% in the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after buying an additional 49,699 shares during the period. 78.09% of the stock is currently 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.