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.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. DA Davidson reiterated a buy rating and issued a $37.00 price objective on shares of Confluent in a report on Monday, April 1st. The Goldman Sachs Group boosted their target price on Confluent from $24.00 to $27.00 and gave the company a neutral rating in a report on Thursday, February 8th. JMP Securities boosted their price target on Confluent from $25.00 to $38.00 and gave the company a market outperform rating in a research report on Thursday, February 8th. UBS Group upped their price target on Confluent from $21.00 to $26.00 and gave the stock a neutral rating in a research note on Monday, February 5th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Confluent from $23.00 to $27.00 and gave the company a neutral rating in a report on Thursday, February 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $30.64.

Confluent Stock Down 2.8 %

NASDAQ CFLT traded down $0.80 during trading hours on Tuesday, hitting $27.83. The company had a trading volume of 7,354,095 shares, compared to its average volume of 4,770,002. The firm’s 50 day moving average is $30.34 and its 200 day moving average is $26.25. The company has a market capitalization of $8.70 billion, a price-to-earnings ratio of -19.08 and a beta of 0.93. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $41.22. 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) EPS 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%. Sell-side analysts anticipate that Confluent will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In other Confluent news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $31.75, for a total value of $2,023,395.75. Following the transaction, the insider now directly 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 accessible through the SEC website. In related news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was 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 $15,225,299.75. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michelangelo Volpi sold 637,268 shares of Confluent stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $31.73, for a total value of $20,220,513.64. Following the completion of the transaction, the director now owns 302,306 shares of the company’s stock, valued at approximately $9,592,169.38. The disclosure for this sale can be found here. Insiders sold a total of 1,433,170 shares of company stock valued at $46,438,029 in the last ninety days. 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.