Confluent (NASDAQ:CFLT) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Confluent (NASDAQ:CFLT) had its target price increased by Needham & Company LLC from $28.00 to $31.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also commented on CFLT. Evercore ISI decreased their price objective on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. Baird R W raised shares of Confluent to a “hold” rating in a research note on Wednesday, September 4th. Robert W. Baird boosted their price objective on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday. Loop Capital decreased their target price on shares of Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, July 19th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $30.00 target price (down from $36.00) on shares of Confluent in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.39.

Confluent Stock Performance

Shares of CFLT opened at $26.22 on Thursday. The company has a 50-day moving average of $21.04 and a two-hundred day moving average of $24.64. The stock has a market cap of $8.46 billion, a P/E ratio of -23.62 and a beta of 0.88. Confluent has a 12-month low of $14.69 and a 12-month high of $35.07. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. The firm had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative return on equity of 34.97% and a negative net margin of 38.35%. As a group, research analysts predict that Confluent will post -0.95 EPS for the current fiscal year.

Insider Buying and Selling

In other Confluent news, CTO Chad Verbowski sold 13,540 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $293,547.20. Following the transaction, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at $10,770,775.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Confluent news, insider Erica Schultz sold 9,556 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $207,174.08. Following the completion of the transaction, the insider now owns 687,483 shares in the company, valued at $14,904,631.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chad Verbowski sold 13,540 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $293,547.20. Following the completion of the sale, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at $10,770,775.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 524,453 shares of company stock valued at $10,833,388. Company insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its stake in Confluent by 4.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 26,352 shares of the company’s stock worth $804,000 after buying an additional 1,062 shares during the period. Diversified Trust Co acquired a new stake in shares of Confluent during the first quarter valued at about $639,000. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Confluent by 1.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 366,116 shares of the company’s stock valued at $11,174,000 after acquiring an additional 5,362 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of Confluent by 129.3% during the first quarter. Commonwealth Equity Services LLC now owns 32,617 shares of the company’s stock worth $995,000 after acquiring an additional 18,391 shares during the last quarter. Finally, Smith Group Asset Management LLC acquired a new position in shares of Confluent in the first quarter worth about $204,000. 78.09% of the stock is currently owned by hedge funds and other 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.