Confluent (NASDAQ:CFLT) Updates FY24 Earnings Guidance

Confluent (NASDAQ:CFLT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.19-0.20 for the period, compared to the consensus earnings per share 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.

Confluent Price Performance

Shares of NASDAQ CFLT traded down $1.01 during trading on Friday, reaching $30.02. The company had a trading volume of 1,433,795 shares, compared to its average volume of 4,818,039. The stock has a market capitalization of $9.38 billion, a PE ratio of -21.11 and a beta of 0.93. The stock has a 50-day moving average price of $30.14 and a two-hundred day moving average price of $26.31. Confluent has a twelve month low of $14.69 and a twelve month high of $41.22. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34.

Confluent (NASDAQ:CFLT) last issued its earnings results 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 during the quarter, compared to analysts’ expectations of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. As a group, sell-side analysts predict that Confluent will post -0.92 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on CFLT. UBS Group lifted their price objective on shares of Confluent from $21.00 to $26.00 and gave the company a neutral rating in a research report on Monday, February 5th. Wells Fargo & Company boosted their price target on shares of Confluent from $36.00 to $38.00 and gave the stock an overweight rating in a research report on Wednesday. Mizuho dropped their price target on shares of Confluent from $38.00 to $36.00 and set a buy rating on the stock in a research report on Monday, April 15th. Needham & Company LLC restated a buy rating and set a $38.00 price target on shares of Confluent in a research report on Wednesday. Finally, JMP Securities boosted their target price on shares of Confluent from $38.00 to $40.00 and gave the stock a market outperform rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, Confluent currently has a consensus rating of Moderate Buy and an average target price of $32.88.

Insider Buying and Selling

In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the business’s 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 sale, the chief technology officer now directly owns 532,072 shares of the company’s stock, valued at $16,600,646.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Lara Caimi sold 46,875 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $31.90, for a total value of $1,495,312.50. Following the completion of the transaction, the director now owns 5,399 shares in the company, valued at approximately $172,228.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chad Verbowski sold 8,086 shares of Confluent stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total transaction of $252,283.20. Following the sale, the chief technology officer now owns 532,072 shares of the company’s stock, valued at $16,600,646.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 732,173 shares of company stock worth $24,194,120. Corporate insiders own 13.82% of the company’s stock.

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.