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

Confluent (NASDAQ:CFLT - Get Free Report) had its price target boosted by equities research analysts at Needham & Company LLC from $31.00 to $40.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's target price indicates a potential upside of 14.78% from the stock's current price.

CFLT has been the subject of a number of other research reports. JPMorgan Chase & Co. upped their price objective on shares of Confluent from $35.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, December 11th. Barclays upped their target price on shares of Confluent from $32.00 to $35.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Sanford C. Bernstein decreased their target price on shares of Confluent from $38.00 to $33.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. UBS Group upped their target price on shares of Confluent from $23.00 to $26.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. Finally, Robert W. Baird upped their target price on shares of Confluent from $23.00 to $28.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Confluent presently has a consensus rating of "Moderate Buy" and an average price target of $35.00.

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Confluent Trading Down 3.8 %

Shares of CFLT traded down $1.38 during mid-day trading on Wednesday, reaching $34.85. The stock had a trading volume of 7,010,332 shares, compared to its average volume of 4,016,620. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. Confluent has a 52-week low of $17.79 and a 52-week high of $37.90. The business's fifty day moving average is $29.67 and its 200 day moving average is $25.52. The firm has a market cap of $11.43 billion, a price-to-earnings ratio of -31.40 and a beta of 0.92.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings data 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 net margin of 38.35% and a negative return on equity of 34.05%. On average, sell-side analysts predict that Confluent will post -0.9 EPS for the current fiscal year.

Insider Transactions at Confluent

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

Institutional Investors Weigh In On Confluent

Hedge funds and other institutional investors have recently bought and sold shares of the business. Credit Industriel ET Commercial acquired a new stake in Confluent in the fourth quarter valued at $28,000. Blue Trust Inc. lifted its holdings in 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 acquiring an additional 1,607 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Confluent in the fourth quarter valued at $59,000. Point72 Hong Kong Ltd acquired a new stake in Confluent in the third quarter valued at $68,000. Finally, GAMMA Investing LLC lifted its holdings in Confluent by 85.3% in the fourth 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 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.