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

Confluent (NASDAQ:CFLT - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued to investors on Friday,Benzinga reports. They presently have a $40.00 price objective on the stock. Needham & Company LLC's price objective would indicate a potential upside of 56.86% from the stock's previous close.

A number of other analysts have also recently weighed in on the company. Evercore ISI increased their price target on Confluent from $32.00 to $40.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Barclays upped their price target on shares of Confluent from $35.00 to $37.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Piper Sandler lifted their price objective on shares of Confluent from $35.00 to $40.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. Canaccord Genuity Group boosted their target price on shares of Confluent from $34.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Finally, Guggenheim raised their price target on shares of Confluent from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $35.33.

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Confluent Stock Performance

CFLT traded up $1.10 during trading hours on Friday, hitting $25.50. 8,502,252 shares of the stock were exchanged, compared to its average volume of 4,251,925. The stock has a market cap of $8.52 billion, a price-to-earnings ratio of -23.61 and a beta of 0.90. The stock has a 50-day simple moving average of $29.85 and a 200-day simple moving average of $26.68. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. Analysts anticipate that Confluent will post -0.83 earnings per share for the current year.

Insider Buying and Selling at Confluent

In other news, CFO Rohan Sivaram sold 68,350 shares of the business's stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the sale, the chief financial officer now directly owns 520,273 shares in the company, valued at approximately $18,849,490.79. The trade was a 11.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Kong Phan sold 3,947 shares of Confluent stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $28.74, for a total transaction of $113,436.78. Following the sale, the chief accounting officer now owns 179,939 shares in the company, valued at approximately $5,171,446.86. This trade represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,248,478 shares of company stock worth $40,003,844 over the last 90 days. 13.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Confluent

A number of hedge funds have recently modified their holdings of CFLT. Vanguard Group Inc. raised its stake in Confluent by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company's stock worth $694,207,000 after acquiring an additional 599,582 shares in the last quarter. Champlain Investment Partners LLC lifted its holdings in Confluent by 1.3% during the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company's stock valued at $302,940,000 after purchasing an additional 133,908 shares during the last quarter. Geode Capital Management LLC boosted its position in Confluent by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company's stock valued at $123,339,000 after buying an additional 84,163 shares in the last quarter. Jericho Capital Asset Management L.P. grew its stake in Confluent by 18.1% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company's stock worth $83,880,000 after buying an additional 459,000 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Confluent during the fourth quarter worth approximately $81,092,000. 78.09% of the stock is owned by institutional investors and hedge funds.

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.