Needham & Company LLC Issues Positive Forecast for Confluent (NASDAQ:CFLT) Stock Price

Confluent (NASDAQ:CFLT) had its target price hoisted by Needham & Company LLC from $31.00 to $40.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently commented on CFLT. Piper Sandler upped their price target on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Sanford C. Bernstein reduced their price target on Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Mizuho raised their price target on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Truist Financial upped their price objective on Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. lifted their target price on Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and an average price target of $35.00.

Confluent Trading Up 25.1 %

Shares of NASDAQ CFLT opened at $37.65 on Wednesday. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The business’s 50 day moving average is $29.58 and its two-hundred day moving average is $25.37. The stock has a market capitalization of $12.35 billion, a P/E ratio of -33.92 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (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%. As a group, research analysts expect that Confluent will post -0.9 EPS for the current year.

Insider Activity at Confluent

In other Confluent news, CMO Stephanie Buscemi sold 5,271 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $148,800.33. Following the completion of the transaction, the chief marketing officer now owns 144,373 shares of the company’s stock, valued at approximately $4,075,649.79. This trade represents a 3.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the sale, the insider now directly owns 687,483 shares in the company, valued at $18,837,034.20. This trade represents a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,508,636 shares of company stock valued at $47,198,798 in the last ninety days. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in shares of Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after purchasing an additional 1,607 shares during the period. SBI Securities Co. Ltd. purchased a new position in Confluent during the 4th quarter worth approximately $59,000. Point72 Hong Kong Ltd acquired a new stake in Confluent during the 3rd quarter valued at approximately $68,000. GAMMA Investing LLC boosted its holdings in shares of Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after acquiring an additional 1,136 shares during the last quarter. Finally, AlphaQuest LLC increased its stake in shares of Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock worth $99,000 after acquiring an additional 3,538 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.