On Oct 31, major Wall Street analysts update their ratings for $Confluent (CFLT.US)$, with price targets ranging from $25 to $40.
Morgan Stanley analyst Sanjit Singh maintains with a buy rating, and adjusts the target price from $32 to $33.
Barclays analyst Raimo Lenschow maintains with a buy rating, and adjusts the target price from $29 to $32.
Wells Fargo analyst Michael Turrin maintains with a buy rating, and adjusts the target price from $34 to $35.
TD Cowen analyst Derrick Wood maintains with a buy rating, and adjusts the target price from $27 to $31.
Loop Capital analyst Yun Kim maintains with a hold rating, and maintains the target price at $25.
Furthermore, according to the comprehensive report, the opinions of $Confluent (CFLT.US)$'s main analysts recently are as follows:
The firm remains 'comfortable' on the sidelines despite the company's sequential revenue outperformance in the Cloud segment and confirmation of the anticipated subscription revenue for Q4. Confluent's emphasis on substantial digital native customers was reiterated, and there is a belief that the significant reliance on this customer subset enhances the risk profile.
The company's Cloud results exceeded expectations and saw acceleration, a factor deemed crucial for investors. With the Flink contribution poised to become significant in upcoming quarters, it is suggested that the company's growth narrative has further potential to unfold.
The firm perceives a 'relatively positive set-up' leading into the Q3 results, with potential for exceeding estimates, particularly due to significant platform renewals and robust government sector performance. Concurrently, the firm noted varied feedback regarding cloud commitment utilization.
Confluent's third quarter performance outpaced expectations, with a 25% year-over-year rise in Subscription revenue surpassing the anticipated 23.5%. Additionally, a significant uptick in Cloud revenue marked a 42% year-over-year increase, outperforming the forecasted 37%. The ongoing shift towards managed data stream processing solutions is expected to continue, positioning Confluent to benefit from the rising adoption of data streaming over the medium to long term.
The company exhibited a robust quarter, marked by a 27% expansion in subscriptions and a 42% surge in cloud growth, outperforming both consensus estimates and the upper spectrum of guidance. Despite a one-time cloud deal in Q3 contributing to the figures, the underlying momentum remained solid with a stabilization in consumption among digitally-native customers and an increase in new use cases by large cloud customers.
Here are the latest investment ratings and price targets for $Confluent (CFLT.US)$ from 14 analysts:
Note:
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