5 Best New Tech Stocks to Buy Now

Page 1 of 5

In this article, we discuss the 5 best new tech stocks to buy now. If you want to read our detailed analysis of the tech industry, go directly to the 15 Best New Tech Stocks to Buy Now.

5. Confluent, Inc. (NASDAQ: CFLT)

IPO Date: June 25, 2021 

No. of Hedge Funds Having Stakes in the Company: N/A

Confluent, Inc. (NASDAQ: CFLT) is a Silicon Valley software company, founded in 2014. The company offers data infrastructure which is designed to connect all technology-related aspects of companies, including applications, systems, data layers, etc. It also offers software-centric services and solutions to consumers. Confluent, Inc. (NASDAQ: CFLT) raised $828 million in its IPO on June 25, 2021.

In Q2 2021, Confluent, Inc. (NASDAQ: CFLT) reported an EPS of -$0.31, beating the consensus by $0.08. The consolidated revenue presented a 64% year-over-year growth at $88.3 million, versus estimates of $76.8 million. The company’s cloud revenue accounted for $20 million of the gross revenue.

In July, UBS initiated its coverage on Confluent, Inc. (NASDAQ: CFLT) with a ‘Buy’ rating and a $46 price target. Similarly, the company was also lauded by Citigroup due to its solid earnings in its first quarter as a public company. The investment bank raised its price target on Confluent, Inc. (NASDAQ: CFLT) to $51 from $45.

Page 1 of 5