Confluent (NASDAQ:CFLT) Releases Q2 Earnings Guidance

Confluent (NASDAQ:CFLT) updated its second quarter earnings guidance on Tuesday. 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.

Confluent Stock Down 2.8 %

NASDAQ:CFLT traded down $0.80 during midday trading on Tuesday, reaching $27.83. 7,354,095 shares of the stock traded hands, compared to its average volume of 4,770,002. The stock has a market capitalization of $8.70 billion, a PE ratio of -19.08 and a beta of 0.93. 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 business has a 50-day moving average of $30.34 and a two-hundred day moving average of $26.25.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) earnings per share 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 business had revenue of $213.18 million during the quarter, compared to analyst estimates of $204.62 million. On average, equities analysts forecast that Confluent will post -0.92 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on CFLT shares. The Goldman Sachs Group upped their price target on shares of Confluent from $24.00 to $27.00 and gave the company a neutral rating in a research note on Thursday, February 8th. Barclays increased their price objective on Confluent from $26.00 to $33.00 and gave the company an overweight rating in a report on Thursday, February 8th. Stifel Nicolaus assumed coverage on Confluent in a report on Wednesday, February 21st. They set a buy rating and a $40.00 target price for the company. Loop Capital initiated coverage on shares of Confluent in a report on Tuesday, January 30th. They issued a hold rating and a $23.00 price target on the stock. Finally, Wells Fargo & Company lifted their price objective on shares of Confluent from $30.00 to $36.00 and gave the company an overweight rating in a research note on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $30.64.

Insider Activity at Confluent

In other Confluent news, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction on Friday, February 9th. The shares were sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the sale, the insider now owns 479,537 shares of the company’s stock, valued at approximately $15,225,299.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CTO Chad Verbowski sold 8,086 shares of Confluent stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total transaction of $252,283.20. Following the transaction, the chief technology officer now owns 532,072 shares in the company, valued at $16,600,646.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction 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 owns 479,537 shares of the company’s stock, valued at $15,225,299.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,433,170 shares of company stock valued at $46,438,029. 13.82% of the stock is owned by insiders.

About Confluent

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.