Confluent (NASDAQ:CFLT) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Confluent (NASDAQ:CFLT) in a research note published on Monday, Benzinga reports. They currently have a $28.00 price objective on the stock.

Several other research analysts have also issued reports on CFLT. Baird R W upgraded shares of Confluent to a hold rating in a research report on Wednesday, September 4th. Royal Bank of Canada cut their target price on shares of Confluent from $35.00 to $30.00 and set an outperform rating for the company in a research report on Thursday, August 1st. Mizuho cut their target price on shares of Confluent from $36.00 to $34.00 and set an outperform rating for the company in a research report on Tuesday, July 16th. Scotiabank cut their target price on shares of Confluent from $28.00 to $25.00 and set a sector perform rating for the company in a research report on Thursday, August 1st. Finally, Robert W. Baird began coverage on shares of Confluent in a research report on Wednesday, September 4th. They issued a neutral rating and a $23.00 target price for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $29.97.

Confluent Stock Down 3.3 %

Confluent stock opened at $19.69 on Monday. The firm has a 50 day simple moving average of $21.71 and a 200 day simple moving average of $26.52. The firm has a market capitalization of $6.26 billion, a price-to-earnings ratio of -15.75 and a beta of 0.88. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. Confluent has a 1-year low of $14.69 and a 1-year high of $35.07.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The firm had revenue of $234.99 million for the quarter, compared to analysts’ expectations of $229.49 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. On average, analysts predict that Confluent will post -0.95 earnings per share for the current year.

Insiders Place Their Bets

In other Confluent news, CTO Chad Verbowski sold 13,540 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $293,547.20. Following the sale, the chief technology officer now owns 496,807 shares in the company, valued at approximately $10,770,775.76. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,045,235.12. The sale was disclosed in a legal 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 shares were 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 in the company, valued at $10,770,775.76. The disclosure for this sale can be found here. Insiders have sold a total of 524,263 shares of company stock worth $10,829,566 in the last 90 days. 13.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Confluent

Hedge funds have recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina boosted its position in Confluent by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock valued at $1,921,000 after buying an additional 800 shares during the period. Daiwa Securities Group Inc. lifted its position in shares of Confluent by 7.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock worth $369,000 after purchasing an additional 800 shares during the period. DekaBank Deutsche Girozentrale lifted its position in shares of Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after purchasing an additional 857 shares during the period. Advisors Asset Management Inc. lifted its position in shares of Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after purchasing an additional 859 shares during the period. Finally, Hollencrest Capital Management purchased a new stake in shares of Confluent in the 1st quarter worth approximately $26,000. 78.09% of the stock is currently owned by 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.