Needham & Company LLC Boosts Confluent (NASDAQ:CFLT) Price Target to $40.00

Confluent (NASDAQ:CFLT) had its target price increased by equities researchers at Needham & Company LLC from $31.00 to $40.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 32.89% from the company’s current price.

A number of other brokerages also recently issued reports on CFLT. Scotiabank raised their target price on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. Barclays raised their target price on Confluent from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Royal Bank of Canada raised their price objective on Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company raised their price objective on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, Robert W. Baird raised their price objective on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.89.

Confluent Trading Down 4.3 %

CFLT opened at $30.10 on Wednesday. The firm has a market capitalization of $9.87 billion, a price-to-earnings ratio of -27.12 and a beta of 0.92. The company’s 50 day simple moving average is $29.49 and its two-hundred day simple moving average is $25.28. Confluent has a 1-year low of $17.79 and a 1-year high of $35.07. 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 (NASDAQ:CFLT) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) 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%. Analysts expect that Confluent will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling

In other Confluent news, Director Matthew Craig Miller sold 541,850 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $30.32, for a total value of $16,428,892.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Kong Phan sold 3,947 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the sale, the chief accounting officer now directly owns 179,939 shares of the company’s stock, valued at $5,171,446.86. The trade was a 2.15 % 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. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Large investors have recently modified their holdings of the company. Blue Trust Inc. boosted 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 acquiring an additional 1,607 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Confluent in the fourth quarter valued at approximately $59,000. Point72 Hong Kong Ltd acquired a new stake in shares of Confluent in the third quarter valued at approximately $68,000. GAMMA Investing LLC boosted its holdings in shares of 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. Finally, AlphaQuest LLC boosted its holdings in shares of Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after acquiring an additional 3,538 shares during the period. 78.09% of the stock is owned by institutional investors and hedge funds.

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.