Needham & Company LLC Boosts Confluent (NASDAQ:CFLT) Price Target to $40.00

Confluent (NASDAQ:CFLT) had its price objective lifted by equities researchers at Needham & Company LLC from $31.00 to $40.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 10.41% from the company’s current price.

A number of other equities analysts have also commented on CFLT. TD Cowen lifted their price target on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Barclays lifted their target price on shares of Confluent from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Scotiabank lifted their target price on shares of Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. Wells Fargo & Company lifted their target price on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Finally, JMP Securities reissued a “market outperform” rating and set a $40.00 target price on shares of Confluent in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $36.23 on Wednesday. The firm has a market cap of $11.88 billion, a PE ratio of -32.64 and a beta of 0.92. The firm’s fifty day moving average is $29.64 and its 200-day moving average is $25.45. 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 52 week low of $17.79 and a 52 week high of $37.90.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. Sell-side analysts predict that Confluent will post -0.9 earnings per share for the current year.

Insider Activity

In related news, CMO Stephanie Buscemi sold 5,271 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $148,800.33. Following the transaction, the chief marketing officer now directly owns 144,373 shares in the company, valued at approximately $4,075,649.79. The trade was a 3.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Kong Phan sold 2,096 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $59,170.08. Following the transaction, the chief accounting officer now owns 190,680 shares in the company, valued at approximately $5,382,896.40. This trade represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,508,636 shares of company stock worth $47,198,798 over the last three months. 13.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP boosted its holdings in Confluent by 1,465.6% during the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after purchasing an additional 28,360 shares during the last quarter. Pathway Capital Management LP purchased a new position in Confluent during the third quarter worth about $918,000. Charles Schwab Investment Management Inc. boosted its holdings in Confluent by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after purchasing an additional 64,926 shares during the last quarter. Creative Planning boosted its holdings in Confluent by 109.9% during the third quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after purchasing an additional 49,699 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its stake in Confluent by 152.4% in the third quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock valued at $1,398,000 after acquiring an additional 41,431 shares during the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

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.