Confluent (NASDAQ:CFLT) Updates Q2 Earnings Guidance

Confluent (NASDAQ:CFLT) updated its second quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.04-0.05 for the period, compared to the consensus EPS estimate of $0.04. The company issued revenue guidance of $229-230 million, compared to the consensus revenue estimate of $228.71 million. Confluent also updated its FY24 guidance to $0.19-0.20 EPS.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CFLT. Loop Capital began coverage on Confluent in a research note on Tuesday, January 30th. They issued a hold rating and a $23.00 price objective on the stock. Royal Bank of Canada lifted their price objective on Confluent from $35.00 to $37.00 and gave the stock an outperform rating in a research note on Wednesday, February 14th. Wells Fargo & Company lifted their price objective on Confluent from $30.00 to $36.00 and gave the stock an overweight rating in a research note on Thursday, February 8th. Stifel Nicolaus began coverage on Confluent in a research note on Wednesday, February 21st. They issued a buy rating and a $40.00 price objective on the stock. Finally, Barclays boosted their price target on Confluent from $26.00 to $33.00 and gave the company an overweight rating in a research note on Thursday, February 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Confluent has an average rating of Moderate Buy and an average target price of $30.64.

Confluent Stock Down 2.8 %

Shares of CFLT stock traded down $0.80 on Tuesday, hitting $27.83. 7,609,493 shares of the stock were exchanged, compared to its average volume of 4,772,677. 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 firm has a market capitalization of $8.70 billion, a P/E ratio of -18.93 and a beta of 0.93. The business has a 50-day moving average of $30.34 and a 200 day moving average of $26.25. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $41.22.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The firm had revenue of $213.18 million for 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%. Equities analysts anticipate that Confluent will post -0.92 EPS for the current year.

Insider Activity at Confluent

In other news, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the transaction, the insider now owns 479,537 shares in the company, valued at $15,225,299.75. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the firm’s stock in a transaction 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 sale, the chief technology officer now owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $31.75, for a total value of $2,023,395.75. Following the sale, the insider now directly owns 479,537 shares in the company, valued at approximately $15,225,299.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,433,170 shares of company stock valued at $46,438,029. Insiders own 13.82% 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.