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

Needham & Company LLC reaffirmed their buy rating on shares of Confluent (NASDAQ:CFLT) in a report published on Friday morning,Benzinga reports. The brokerage currently has a $31.00 price objective on the stock.

A number of other brokerages also recently issued reports on CFLT. Mizuho lifted their price target on shares of Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Citigroup raised their price target on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Robert W. Baird lifted their price target on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. increased their price objective on Confluent from $25.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, TD Cowen boosted their target price on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.88.

Confluent Trading Down 5.1 %

Shares of CFLT stock opened at $27.07 on Friday. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $35.07. The company has a 50 day moving average price of $22.39 and a 200 day moving average price of $24.56. The stock has a market capitalization of $8.88 billion, a P/E 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 (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.03. The business had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. Equities research analysts predict that Confluent will post -0.9 EPS for the current fiscal year.

Insider Transactions at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $29.29, for a total value of $6,809,925.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $13,253,373.52. This trade represents a 33.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the sale, the chief marketing officer now directly owns 161,673 shares in the company, valued at approximately $3,505,070.64. This represents a 2.34 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,358,654 shares of company stock worth $91,463,207. Company insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Large investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in Confluent by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock valued at $88,180,000 after acquiring an additional 107,510 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Confluent in the third quarter valued at approximately $634,000. Main Management ETF Advisors LLC purchased a new position in shares of Confluent during the 3rd quarter worth approximately $696,000. Orion Portfolio Solutions LLC acquired a new position in shares of Confluent during the 3rd quarter worth approximately $605,000. Finally, XTX Topco Ltd acquired a new stake in Confluent during the 3rd quarter valued at $868,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.