Confluent (NASDAQ:CFLT) Releases Q2 2024 Earnings Guidance

Confluent (NASDAQ:CFLT) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.040-0.050 for the period, compared to the consensus estimate of 0.040. The company issued revenue guidance of $229.0 million-$230.0 million, compared to the consensus revenue estimate of $229.3 million. Confluent also updated its FY 2024 guidance to 0.190-0.200 EPS.

Confluent Trading Down 2.8 %

Shares of CFLT opened at $27.83 on Wednesday. Confluent has a 1-year low of $14.69 and a 1-year high of $41.22. The firm has a 50 day simple moving average of $30.34 and a 200-day simple moving average of $26.25. The stock has a market cap of $8.70 billion, a price-to-earnings ratio of -18.93 and a beta of 0.93. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share (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. Equities analysts forecast that Confluent will post -0.92 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CFLT shares. JMP Securities raised their target price on shares of Confluent from $25.00 to $38.00 and gave the stock a market outperform rating in a research report on Thursday, February 8th. Scotiabank raised their target price on shares of Confluent from $22.00 to $28.00 and gave the stock a sector perform rating in a research report on Thursday, February 8th. Mizuho decreased their price target on shares of Confluent from $38.00 to $36.00 and set a buy rating on the stock in a report on Monday, April 15th. Canaccord Genuity Group upgraded shares of Confluent from a hold rating to a buy rating and set a $35.00 price target on the stock in a report on Wednesday. Finally, DA Davidson reiterated a buy rating and issued a $37.00 price target on shares of Confluent in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $31.36.

Insider Transactions at Confluent

In other news, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the sale, the chief technology officer now owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO Chad Verbowski sold 8,086 shares of Confluent stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the transaction, the chief technology officer now directly owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Stephanie Buscemi sold 2,724 shares of Confluent stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total transaction of $87,576.60. Following the completion of the transaction, the chief marketing officer now directly owns 109,002 shares of the company’s stock, valued at $3,504,414.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,433,170 shares of company stock valued at $46,438,029. Insiders own 13.82% of the company’s stock.

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.