Needham & Company LLC Forecasts Strong Price Appreciation for Confluent (NASDAQ:CFLT) Stock

Confluent (NASDAQ:CFLT) had its target price increased by equities research analysts at Needham & Company LLC from $31.00 to $40.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 10.41% from the company’s previous close.

CFLT has been the subject of a number of other reports. Mizuho increased their price objective 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. Barclays increased their price objective on shares of 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 target price on shares of Confluent from $33.00 to $36.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. TD Cowen raised their target price on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Wells Fargo & Company raised their target price on shares of Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $35.00.

Confluent Trading Down 3.8 %

Confluent stock opened at $36.23 on Wednesday. The firm has a 50-day moving average of $29.64 and a 200-day moving average of $25.45. Confluent has a one year low of $17.79 and a one year high of $37.90. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The company has a market cap of $11.88 billion, a price-to-earnings ratio of -32.64 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last posted 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%. On average, equities analysts expect that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In related news, CTO Chad Verbowski sold 13,414 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $378,677.22. Following the sale, the chief technology officer now owns 483,393 shares in the company, valued at approximately $13,646,184.39. This trade represents a 2.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the sale, the insider now owns 687,483 shares in the company, valued at $18,837,034.20. This represents a 8.48 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,508,636 shares of company stock valued at $47,198,798. 13.82% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

Large investors have recently made changes to their positions in the company. Commonwealth Equity Services LLC boosted its position in Confluent by 4.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock valued at $323,000 after buying an additional 458 shares in the last quarter. EP Wealth Advisors LLC boosted its position in Confluent by 3.6% in the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock valued at $293,000 after buying an additional 503 shares in the last quarter. Truist Financial Corp boosted its position in Confluent by 2.5% in the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock valued at $589,000 after buying an additional 514 shares in the last quarter. Sit Investment Associates Inc. boosted its position in Confluent by 0.5% in the fourth quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company’s stock valued at $3,484,000 after buying an additional 680 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in Confluent by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 108,859 shares of the company’s stock valued at $3,044,000 after buying an additional 680 shares in the last quarter. 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.