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

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

A number of other research analysts have also weighed in on the stock. Robert W. Baird raised their price target on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Morgan Stanley restated an “equal weight” rating and issued a $30.00 target price (down previously from $33.00) on shares of Confluent in a research report on Thursday, January 16th. JPMorgan Chase & Co. increased their price objective on Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Mizuho lifted their target price on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Truist Financial upped their target price on shares of Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $35.00.

Confluent Trading Up 25.1 %

Shares of Confluent stock opened at $37.65 on Wednesday. The firm has a 50-day simple moving average of $29.58 and a two-hundred day simple moving average of $25.37. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The company has a market cap of $12.35 billion, a P/E ratio of -33.92 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share 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, equities analysts predict that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In other Confluent news, CAO Kong Phan sold 2,096 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $59,170.08. Following the completion of the transaction, the chief accounting officer now owns 190,680 shares of the company’s stock, valued at $5,382,896.40. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Matthew Craig Miller sold 53,512 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $33.64, for a total transaction of $1,800,143.68. The disclosure for this sale can be found here. Insiders sold a total of 1,508,636 shares of company stock valued at $47,198,798 in the last three months. 13.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CFLT. Sanctuary Advisors LLC purchased a new stake in Confluent during the 2nd quarter worth about $462,000. Creative Planning boosted its stake in shares of Confluent by 109.9% in the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after buying an additional 49,699 shares during the period. Lake Street Advisors Group LLC grew its position in shares of Confluent by 14.0% during the third quarter. Lake Street Advisors Group LLC now owns 18,481 shares of the company’s stock worth $377,000 after buying an additional 2,263 shares in the last quarter. US Bancorp DE increased its stake in shares of Confluent by 307.7% during the third quarter. US Bancorp DE now owns 16,702 shares of the company’s stock worth $340,000 after buying an additional 12,605 shares during the period. Finally, Janney Capital Management LLC raised its holdings in Confluent by 52.2% in the third quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock valued at $406,000 after acquiring an additional 6,842 shares in the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

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.