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

Confluent (NASDAQ:CFLT)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research report issued on Monday, Benzinga reports. They presently have a $28.00 price objective on the stock. Needham & Company LLC’s price objective indicates a potential upside of 37.52% from the company’s current price.

A number of other equities analysts have also recently commented on CFLT. Guggenheim restated a “buy” rating and set a $37.00 target price on shares of Confluent in a report on Tuesday, June 25th. Royal Bank of Canada dropped their price objective on shares of Confluent from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Loop Capital reduced their target price on shares of Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, July 19th. DA Davidson reissued a “buy” rating and issued a $30.00 price target on shares of Confluent in a research report on Wednesday, September 18th. Finally, Wells Fargo & Company cut their price objective on Confluent from $38.00 to $34.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.97.

Confluent Stock Performance

Shares of CFLT stock opened at $20.36 on Monday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. The firm has a market cap of $6.47 billion, a P/E ratio of -16.29 and a beta of 0.88. The firm’s 50 day moving average price is $21.71 and its 200-day moving average price is $26.57. Confluent has a one year low of $14.69 and a one year high of $35.07.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. The firm had revenue of $234.99 million for the quarter, compared to analyst estimates of $229.49 million. As a group, equities research analysts predict that Confluent will post -0.95 EPS for the current year.

Insider Transactions at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,561,071.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Confluent news, CFO Rohan Sivaram sold 22,926 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $497,035.68. Following the transaction, the chief financial officer now directly owns 555,337 shares in the company, valued at approximately $12,039,706.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,561,071.44. The disclosure for this sale can be found here. Insiders sold a total of 524,263 shares of company stock valued at $10,829,566 in the last ninety days. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

A number of hedge funds have recently bought and sold shares of the company. Hollencrest Capital Management purchased a new position in shares of Confluent during the 1st quarter worth $26,000. Quest Partners LLC acquired a new position in Confluent in the fourth quarter valued at $31,000. V Square Quantitative Management LLC purchased a new position in Confluent during the second quarter worth about $68,000. UniSuper Management Pty Ltd boosted its stake in Confluent by 125.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after buying an additional 1,500 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after buying an additional 859 shares during the period. Institutional investors and hedge funds 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.