Confluent (NASDAQ:CFLT) Releases 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.

Confluent Stock Performance

Shares of CFLT traded down $0.80 during mid-day trading on Tuesday, reaching $27.83. The company had a trading volume of 7,354,095 shares, compared to its average volume of 4,770,002. The stock has a 50 day moving average of $30.34 and a two-hundred day moving average of $26.25. The stock has a market capitalization of $8.70 billion, a P/E ratio of -18.93 and a beta of 0.93. Confluent has a 52-week low of $14.69 and a 52-week high of $41.22. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.34.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. The business had revenue of $213.18 million during the quarter, compared to analysts’ expectations of $204.62 million. On average, analysts expect that Confluent will post -0.92 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CFLT shares. JMP Securities lifted their price objective on Confluent from $25.00 to $38.00 and gave the stock a market outperform rating in a report on Thursday, February 8th. Royal Bank of Canada boosted their target price on Confluent from $35.00 to $37.00 and gave the stock an outperform rating in a report on Wednesday, February 14th. JPMorgan Chase & Co. boosted their price objective on Confluent from $23.00 to $27.00 and gave the stock a neutral rating in a research note on Thursday, February 8th. Stifel Nicolaus initiated coverage on shares of Confluent in a report on Wednesday, February 21st. They issued a buy rating and a $40.00 price objective for the company. Finally, The Goldman Sachs Group increased their price target on shares of Confluent from $24.00 to $27.00 and gave the company a neutral rating in a research note on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $30.64.

Insider Transactions at Confluent

In related news, insider Erica Schultz sold 63,729 shares of the business’s 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 completion of the sale, the insider now owns 479,537 shares in the company, valued at $15,225,299.75. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CTO Chad Verbowski sold 5,963 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total transaction of $191,710.45. Following the completion of the sale, the chief technology officer now owns 404,412 shares in the company, valued at approximately $13,001,845.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction on Friday, February 9th. The shares were sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the completion of the transaction, the insider now owns 479,537 shares in the company, valued at $15,225,299.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,433,170 shares of company stock valued at $46,438,029. 13.82% of the stock is currently owned by corporate insiders.

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.