Confluent (NASDAQ:CFLT) Updates Q2 Earnings Guidance

Confluent (NASDAQ:CFLT) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.04-0.05 for the period, compared to the consensus earnings per share estimate of $0.04. The company issued revenue guidance of $229-230 million, compared to the consensus revenue estimate of $228.71 million. Confluent also updated its FY24 guidance to $0.19-0.20 EPS.

Analysts Set New Price Targets

Several equities research analysts have commented on CFLT shares. JMP Securities increased their price objective on shares of Confluent from $38.00 to $40.00 and gave the company a market outperform rating in a research note on Wednesday. Barclays lifted their price target on Confluent from $33.00 to $34.00 and gave the stock an overweight rating in a report on Wednesday. Canaccord Genuity Group upgraded Confluent from a hold rating to a buy rating and set a $35.00 price objective for the company in a research note on Wednesday. Scotiabank lifted their target price on Confluent from $22.00 to $28.00 and gave the stock a sector perform rating in a research note on Thursday, February 8th. Finally, Royal Bank of Canada increased their price target on shares of Confluent from $37.00 to $40.00 and gave the company an outperform rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $32.88.

Confluent Stock Down 1.1 %

Confluent stock traded down $0.35 during trading hours on Thursday, hitting $31.03. The stock had a trading volume of 5,095,206 shares, compared to its average volume of 4,856,223. The stock’s 50-day moving average price is $30.20 and its 200-day moving average price is $26.28. Confluent has a 12-month low of $14.69 and a 12-month high of $41.22. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $9.70 billion, a P/E ratio of -21.35 and a beta of 0.93.

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

Insider Buying and Selling

In related news, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $31.75, for a total value of $2,023,395.75. Following the completion of the sale, the insider now directly owns 479,537 shares of the company’s stock, valued at approximately $15,225,299.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Ying Christina Liu sold 4,109 shares of Confluent stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total transaction of $132,104.35. Following the sale, the chief accounting officer now owns 123,497 shares in the company, valued at $3,970,428.55. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the transaction, the insider now owns 479,537 shares of the company’s stock, valued at approximately $15,225,299.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,433,170 shares of company stock valued at $46,438,029. 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.