Confluent (NASDAQ:CFLT) Releases Q2 2024 Earnings Guidance

Confluent (NASDAQ:CFLT) updated its second quarter 2024 earnings guidance on Wednesday. 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.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Mizuho decreased their price objective 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. Stifel Nicolaus began coverage on shares of Confluent in a report on Wednesday, February 21st. They issued a buy rating and a $40.00 price target for the company. Canaccord Genuity Group upgraded Confluent from a hold rating to a buy rating and set a $35.00 price objective on the stock in a research report on Wednesday. Scotiabank lifted their target price on Confluent from $22.00 to $28.00 and gave the company a sector perform rating in a research note on Thursday, February 8th. Finally, JPMorgan Chase & Co. boosted their target price on Confluent from $23.00 to $27.00 and gave the stock a neutral rating in a research report on Thursday, February 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $31.36.

Confluent Stock Down 2.8 %

NASDAQ:CFLT opened at $27.83 on Wednesday. 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 current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. The stock has a 50-day moving average price of $30.34 and a two-hundred day moving average price of $26.25. Confluent has a 1 year low of $14.69 and a 1 year high of $41.22.

Confluent (NASDAQ:CFLT) last posted 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 business had revenue of $213.18 million for the quarter, compared to the consensus estimate of $204.62 million. As a group, equities analysts expect that Confluent will post -0.92 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Chad Verbowski sold 8,086 shares of the 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 completion of the sale, 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 SEC, which is available through the SEC website. In other Confluent news, Director Lara Caimi sold 46,875 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $31.90, for a total transaction of $1,495,312.50. Following the completion of the transaction, the director now owns 5,399 shares of the company’s stock, valued at approximately $172,228.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Chad Verbowski sold 8,086 shares of the company’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 value of $252,283.20. Following 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 disclosure for this sale can be found here. In the last three months, insiders sold 1,433,170 shares of company stock valued at $46,438,029. 13.82% of the stock is owned by corporate 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.