Fintel reports that on September 28, 2023, Needham reiterated coverage of Confluent Inc (NASDAQ:CFLT) with a Buy recommendation.
Analyst Price Forecast Suggests 38.75% Upside
As of August 31, 2023, the average one-year price target for Confluent Inc is 40.59. The forecasts range from a low of 30.30 to a high of $47.25. The average price target represents an increase of 38.75% from its latest reported closing price of 29.25.
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The projected annual revenue for Confluent Inc is 782MM, an increase of 14.40%. The projected annual non-GAAP EPS is -0.52.
What is the Fund Sentiment?
There are 661 funds or institutions reporting positions in Confluent Inc. This is an increase of 80 owner(s) or 13.77% in the last quarter. Average portfolio weight of all funds dedicated to CFLT is 0.40%, an increase of 35.99%. Total shares owned by institutions increased in the last three months by 18.74% to 211,379K shares. 
The put/call ratio of CFLT is 0.57, indicating a bullish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 17,802K shares representing 5.89% ownership of the company. In it's prior filing, the firm reported owning 18,080K shares, representing a decrease of 1.56%. The firm increased its portfolio allocation in CFLT by 926.08% over the last quarter.
Altimeter Capital Management holds 16,306K shares representing 5.39% ownership of the company. In it's prior filing, the firm reported owning 14,492K shares, representing an increase of 11.13%. The firm increased its portfolio allocation in CFLT by 35.96% over the last quarter.
Price T Rowe Associates holds 12,578K shares representing 4.16% ownership of the company. In it's prior filing, the firm reported owning 12,477K shares, representing an increase of 0.81%. The firm increased its portfolio allocation in CFLT by 210.57% over the last quarter.
Capital Research Global Investors holds 6,806K shares representing 2.25% ownership of the company. In it's prior filing, the firm reported owning 7,219K shares, representing a decrease of 6.06%. The firm increased its portfolio allocation in CFLT by 29.87% over the last quarter.
1832 Asset Management holds 6,355K shares representing 2.10% ownership of the company. In it's prior filing, the firm reported owning 548K shares, representing an increase of 91.38%. The firm increased its portfolio allocation in CFLT by 1,507.86% over the last quarter.
Confluent Background Information
(This description is provided by the company.)
Confluent is pioneering a fundamentally new category of data infrastructure focused on data in motion. Confluent’s cloud-native offering is the foundational platform for data in motion – designed to be the intelligent connective tissue enabling real-time data, from multiple sources, to constantly stream across the organization. With Confluent, organizations can meet the new business imperative of delivering rich, digital front-end customer experiences and transitioning to sophisticated, real-time, software-driven backend operations.
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