Confluent's (CFLT) "Buy" Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Confluent (NASDAQ:CFLT - Free Report) in a research note published on Friday,Benzinga reports. Needham & Company LLC currently has a $31.00 price target on the stock.

A number of other equities analysts also recently issued reports on CFLT. Mizuho upped their price target on Confluent from $29.00 to $31.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st. Stifel Nicolaus reduced their price target on Confluent from $40.00 to $32.00 and set a "buy" rating on the stock in a research report on Thursday, August 1st. Truist Financial reaffirmed a "buy" rating and set a $30.00 price target (down from $36.00) on shares of Confluent in a research report on Thursday, August 1st. Canaccord Genuity Group reduced their price target on Confluent from $35.00 to $34.00 and set a "buy" rating on the stock in a research report on Thursday, August 1st. Finally, DA Davidson reaffirmed a "buy" rating and set a $30.00 price target on shares of Confluent in a research report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $30.88.

Confluent Stock Down 5.1 %

CFLT stock traded down $1.46 during trading on Friday, hitting $27.07. 3,941,212 shares of the company's stock traded hands, compared to its average volume of 4,374,943. The firm has a market capitalization of $8.88 billion, a P/E ratio of -25.70 and a beta of 0.82. The business has a fifty day simple moving average of $22.24 and a two-hundred day simple moving average of $24.62. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent has a 1 year low of $17.79 and a 1 year high of $35.07.

Confluent (NASDAQ:CFLT - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.03. The business had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. Sell-side analysts anticipate that Confluent will post -0.9 EPS for the current year.

Insider Transactions at Confluent

In related news, Director Matthew Craig Miller sold 1,067,242 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $27.51, for a total transaction of $29,359,827.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chad Verbowski sold 13,540 shares of the company'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 $293,547.20. Following the transaction, the chief technology officer now owns 496,807 shares of the company's stock, valued at approximately $10,770,775.76. This trade represents a 2.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,041,895 shares of company stock valued at $53,318,197 in the last ninety days. 13.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CFLT. DekaBank Deutsche Girozentrale raised its holdings in Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company's stock valued at $322,000 after acquiring an additional 857 shares during the last quarter. Advisors Asset Management Inc. raised 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 acquiring an additional 859 shares during the last quarter. Fulton Bank N.A. raised its holdings in Confluent by 15.0% in the 2nd quarter. Fulton Bank N.A. now owns 8,145 shares of the company's stock valued at $241,000 after acquiring an additional 1,064 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Confluent by 9.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company's stock valued at $374,000 after acquiring an additional 1,113 shares during the last quarter. Finally, Lazard Asset Management LLC raised its holdings in Confluent by 25.5% in the 1st quarter. Lazard Asset Management LLC now owns 5,747 shares of the company's stock valued at $175,000 after acquiring an additional 1,167 shares during the last quarter. 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.