Confluent (NASDAQ:CFLT) Issues FY24 Earnings Guidance

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Scotiabank upped their target price on shares of Confluent from $22.00 to $28.00 and gave the company a sector perform rating in a research note on Thursday, February 8th. Truist Financial reiterated a buy rating and set a $36.00 price objective (up from $33.00) on shares of Confluent in a research note on Wednesday. Loop Capital assumed coverage on shares of Confluent in a report on Tuesday, January 30th. They set a hold rating and a $23.00 price objective for the company. JMP Securities upped their target price on shares of Confluent from $38.00 to $40.00 and gave the company a market outperform rating in a research note on Wednesday. Finally, Royal Bank of Canada lifted their price target on Confluent from $37.00 to $40.00 and gave the stock an outperform rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $32.88.

Confluent Price Performance

Shares of CFLT stock traded down $0.35 during midday trading on Thursday, reaching $31.03. 5,095,206 shares of the company were exchanged, compared to its average volume of 4,856,223. The company’s 50 day moving average price is $30.20 and its two-hundred day moving average price is $26.28. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. The company has a market cap of $9.70 billion, a P/E ratio of -21.35 and a beta of 0.93. Confluent has a 12 month low of $14.69 and a 12 month high of $41.22.

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 firm had revenue of $213.18 million during the quarter, compared to analyst estimates of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. On average, sell-side analysts expect that Confluent will post -0.92 earnings per share for the current year.

Insider Transactions at Confluent

In related news, CAO Ying Christina Liu sold 4,109 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $132,104.35. Following the transaction, the chief accounting officer now owns 123,497 shares in the company, valued at $3,970,428.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Michelangelo Volpi sold 637,268 shares of Confluent stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $31.73, for a total value of $20,220,513.64. Following the transaction, the director now owns 302,306 shares of the company’s stock, valued at $9,592,169.38. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Ying Christina Liu sold 4,109 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $132,104.35. Following the transaction, the chief accounting officer now directly owns 123,497 shares of the company’s stock, valued at approximately $3,970,428.55. The disclosure for this sale can be found here. Insiders sold 1,433,170 shares of company stock valued at $46,438,029 in the last three months. Corporate insiders own 13.82% of the company’s stock.

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.