Needham analyst Mike Cikos maintained a Buy rating on Confluent today and set a price target of $28.00.
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Mike Cikos has given his Buy rating due to a combination of factors that highlight Confluent’s strong performance and future potential. The company reported subscription revenue that exceeded expectations, demonstrating its robust growth trajectory. Additionally, Confluent raised its revenue guidance for the upcoming year, signaling confidence in its business strategy and market position.
Another key factor in Cikos’s rating is the positive trend in core streaming consumption and an improved go-to-market strategy, which are expected to drive further growth. Despite some anticipated challenges, such as the OpenAI headwind, the company’s ability to manage customer optimizations effectively and execute sales strategies provides a solid foundation for continued success. These elements collectively underpin the Buy rating, reflecting a positive outlook for Confluent’s stock.
In another report released yesterday, Barclays also maintained a Buy rating on the stock with a $27.00 price target.
Based on the recent corporate insider activity of 94 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CFLT in relation to earlier this year.