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

Needham & Company LLC restated their buy rating on shares of Confluent (NASDAQ:CFLT) in a research note issued to investors on Friday morning,Benzinga reports. Needham & Company LLC currently has a $31.00 price objective on the stock.

CFLT has been the subject of a number of other research reports. Wells Fargo & Company reduced their price target on Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Bank of America decreased their target price on Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a research report on Thursday, August 1st. Mizuho boosted their price objective on shares of Confluent from $29.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. DA Davidson reiterated a “buy” rating and set a $30.00 price objective on shares of Confluent in a research note on Wednesday, September 18th. Finally, Scotiabank lifted their target price on Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.88.

Confluent Trading Down 5.1 %

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

Confluent (NASDAQ:CFLT) last issued 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. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The business had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. Analysts expect that Confluent will post -0.9 EPS for the current year.

Insider Buying and Selling at Confluent

In other Confluent news, CTO Chad Verbowski sold 13,540 shares of Confluent stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $293,547.20. Following the transaction, the chief technology officer now owns 496,807 shares in the company, valued at approximately $10,770,775.76. The trade was a 2.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Erica Schultz sold 9,556 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $207,174.08. Following the sale, the insider now owns 687,483 shares of the company’s stock, valued at $14,904,631.44. This trade represents a 1.37 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 3,358,654 shares of company stock valued at $91,463,207. 13.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Confluent

A number of institutional investors have recently bought and sold shares of the stock. William Blair Investment Management LLC acquired a new position in Confluent in the 2nd quarter worth approximately $193,403,000. 1832 Asset Management L.P. purchased a new stake in Confluent in the 1st quarter worth approximately $181,075,000. Champlain Investment Partners LLC acquired a new stake in shares of Confluent during the 1st quarter valued at $144,563,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Confluent by 17.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after acquiring an additional 2,587,169 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Confluent by 60.0% in the second quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock worth $103,665,000 after acquiring an additional 1,316,804 shares during the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.