Confluent (NASDAQ:CFLT) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Confluent (NASDAQ:CFLT) issued its earnings results on Wednesday. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.03, reports. The firm had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.97%.

Confluent Stock Performance

Shares of NASDAQ:CFLT opened at $26.22 on Friday. Confluent has a 52 week low of $14.69 and a 52 week high of $35.07. The stock has a market capitalization of $8.46 billion, a P/E ratio of -23.62 and a beta of 0.88. The firm has a fifty day simple moving average of $21.04 and a two-hundred day simple moving average of $24.67. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Barclays boosted their price objective on shares of Confluent from $29.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday. Scotiabank boosted their price objective on shares of Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a report on Thursday. Sanford C. Bernstein decreased their price objective on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Evercore ISI reduced their target price on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Finally, TD Cowen upped their target price on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.28.

Insiders Place Their Bets

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total value of $4,912,725.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,561,071.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CTO Chad Verbowski sold 13,540 shares of Confluent stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $293,547.20. Following the completion of the transaction, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at approximately $10,770,775.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,561,071.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 524,453 shares of company stock valued at $10,833,388 in the last three months. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Confluent by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock valued at $602,505,000 after buying an additional 669,675 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Confluent by 17.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after buying an additional 2,587,169 shares in the last quarter. 1832 Asset Management L.P. lifted its holdings in Confluent by 28.4% during the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after buying an additional 1,684,100 shares in the last quarter. William Blair Investment Management LLC bought a new stake in shares of Confluent in the 2nd quarter valued at about $193,403,000. Finally, Champlain Investment Partners LLC bought a new stake in shares of Confluent in the 1st quarter valued at about $144,563,000. Institutional investors own 78.09% 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.