Confluent (NASDAQ:CFLT) Issues FY 2021 Earnings Guidance

Confluent (NASDAQ:CFLT) issued an update on its FY 2021 earnings guidance on Thursday morning. The company provided EPS guidance of $-0.920-$-0.900 for the period, compared to the Thomson Reuters consensus EPS estimate of $-1.020. The company issued revenue guidance of $376 million-$378 million, compared to the consensus revenue estimate of $352.20 million.Confluent also updated its Q4 2021 guidance to $-0.230-$-0.210 EPS.

CFLT traded up $4.17 on Thursday, hitting $79.79. 1,540,968 shares of the company traded hands, compared to its average volume of 1,473,818. The stock’s 50 day moving average is $71.66. Confluent has a 12-month low of $37.71 and a 12-month high of $94.97.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Thursday, November 4th. The company reported ($0.17) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.23) by $0.06. The firm had revenue of $102.60 million during the quarter, compared to the consensus estimate of $90.72 million. Confluent had a negative return on equity of 72.10% and a negative net margin of 76.90%. The firm’s quarterly revenue was up 66.8% on a year-over-year basis. Analysts predict that Confluent will post -1.83 earnings per share for the current fiscal year.

A number of brokerages have recently issued reports on CFLT. Zacks Investment Research raised Confluent from a hold rating to a buy rating and set a $89.00 target price for the company in a research note on Monday. JMP Securities increased their target price on Confluent from $52.00 to $97.00 and gave the stock an outperform rating in a research note on Friday, November 5th. Morgan Stanley increased their target price on Confluent from $49.00 to $94.00 and gave the stock an equal weight rating in a research note on Sunday. Credit Suisse Group began coverage on Confluent in a research note on Tuesday, November 16th. They set an outperform rating and a $115.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Confluent from $42.00 to $84.00 and gave the stock a hold rating in a research note on Monday, November 8th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $67.15.

In other Confluent news, CFO Steffan Tomlinson sold 722,600 shares of the stock in a transaction on Thursday, November 11th. The stock was sold at an average price of $89.30, for a total transaction of $64,528,180.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Steven M. Spurlock sold 854 shares of the firm’s stock in a transaction on Monday, November 15th. The stock was sold at an average price of $85.54, for a total value of $73,051.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,156,746 shares of company stock worth $100,169,795.

Several hedge funds have recently bought and sold shares of the company. Captrust Financial Advisors acquired a new stake in shares of Confluent during the third quarter worth $30,000. Royal Bank of Canada boosted its holdings in shares of Confluent by 2,740.0% during the third quarter. Royal Bank of Canada now owns 9,798 shares of the company’s stock worth $585,000 after purchasing an additional 9,453 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Confluent during the third quarter worth $650,000. UBS Group AG acquired a new stake in shares of Confluent during the third quarter worth $1,612,000. Finally, Morgan Stanley acquired a new stake in shares of Confluent during the second quarter worth $36,452,000. Institutional investors and hedge funds own 16.96% of the company’s stock.

Confluent Company Profile

Confluent, Inc engages in developing cloud-native platform for data-in-motion that helps companies to connect their applications around real-time streams in the United States and internationally. The company offers Apache Kafka, a community distributed event streaming platform. Its products also include Confluent Cloud, a managed cloud-native service for Apache Kafka to connect and process data of user companies; Confluent platform, a self-managed platform to connect, process, and react to data in real-time for streaming data from across the organization for customer experiences and data-driven operations; ksqlDB that enables users to build real-time applications; and Confluent hub.

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Earnings History and Estimates for Confluent (NASDAQ:CFLT)

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