Confluent (NASDAQ:CFLT) Updates FY24 Earnings Guidance

Confluent (NASDAQ:CFLT) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.19-0.20 for the period, compared to the consensus estimate of $0.18. The company issued revenue guidance of approx $957 million, compared to the consensus revenue estimate of $950.22 million. Confluent also updated its Q2 guidance to $0.04-0.05 EPS.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. UBS Group lifted their price target on Confluent from $21.00 to $26.00 and gave the company a neutral rating in a research note on Monday, February 5th. Mizuho cut their price target on shares of Confluent from $38.00 to $36.00 and set a buy rating for the company in a report on Monday, April 15th. Loop Capital assumed coverage on shares of Confluent in a report on Tuesday, January 30th. They set a hold rating and a $23.00 price objective on the stock. Wells Fargo & Company increased their target price on shares of Confluent from $36.00 to $38.00 and gave the company an overweight rating in a report on Wednesday. Finally, DA Davidson reissued a buy rating and set a $37.00 price target on shares of Confluent in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $32.77.

Confluent Trading Up 12.8 %

Confluent stock traded up $3.55 during trading on Wednesday, reaching $31.38. The company had a trading volume of 11,941,395 shares, compared to its average volume of 4,853,520. Confluent has a 12-month low of $14.69 and a 12-month high of $41.22. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. The stock’s 50 day moving average price is $30.23 and its two-hundred day moving average price is $26.24. The firm has a market capitalization of $9.81 billion, a price-to-earnings ratio of -20.60 and a beta of 0.93.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. The firm had revenue of $213.18 million for the quarter, compared to analyst estimates of $204.62 million. As a group, equities analysts expect that Confluent will post -0.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Chad Verbowski sold 5,963 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total transaction of $191,710.45. Following the completion of the sale, the chief technology officer now owns 404,412 shares in the company, valued at approximately $13,001,845.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Michelangelo Volpi sold 637,268 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $31.73, for a total transaction of $20,220,513.64. Following the sale, the director now directly owns 302,306 shares in the company, valued at approximately $9,592,169.38. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Chad Verbowski sold 5,963 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $191,710.45. Following the completion of the transaction, the chief technology officer now owns 404,412 shares of the company’s stock, valued at approximately $13,001,845.80. The disclosure for this sale can be found here. Insiders sold 1,433,170 shares of company stock worth $46,438,029 over the last three months. 13.82% of the stock is owned by insiders.

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.