Confluent (NASDAQ:CFLT) Updates FY24 Earnings Guidance

Confluent (NASDAQ:CFLT) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $0.19-0.20 for the period, compared to the consensus EPS 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.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CFLT. Stifel Nicolaus assumed coverage on Confluent in a research note on Wednesday, February 21st. They issued a buy rating and a $40.00 price target for the company. Needham & Company LLC reissued a buy rating and set a $38.00 price target on shares of Confluent in a report on Wednesday. Truist Financial reissued a buy rating and set a $36.00 price target (up previously from $33.00) on shares of Confluent in a report on Wednesday. Royal Bank of Canada boosted their price target on Confluent from $37.00 to $40.00 and gave the company an outperform rating in a report on Wednesday. Finally, TD Cowen boosted their price target on Confluent from $34.00 to $37.00 and gave the company a buy rating in a report on Wednesday. One analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average price target of $32.88.

Confluent Stock Down 3.3 %

NASDAQ CFLT traded down $1.01 during trading hours on Friday, hitting $30.02. The company had a trading volume of 1,433,795 shares, compared to its average volume of 4,818,039. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $41.22. The firm’s 50 day moving average is $30.14 and its 200 day moving average is $26.31. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62. The company has a market capitalization of $9.38 billion, a price-to-earnings ratio of -21.11 and a beta of 0.93.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The business had revenue of $213.18 million during 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.

Insiders Place Their Bets

In related news, insider Erica Schultz sold 63,729 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $33.50, for a total transaction of $2,134,921.50. Following the sale, the insider now owns 480,471 shares in the company, valued at $16,095,778.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $33.65, for a total value of $7,823,625.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $15,226,221.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $33.50, for a total transaction of $2,134,921.50. Following the transaction, the insider now owns 480,471 shares of the company’s stock, valued at approximately $16,095,778.50. The disclosure for this sale can be found here. Insiders sold a total of 732,173 shares of company stock valued at $24,194,120 over the last 90 days. 13.82% of the stock is owned by company 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.