Confluent (NASDAQ:CFLT) Issues FY24 Earnings Guidance

Confluent (NASDAQ:CFLT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $0.19-0.20 for the period, compared to the consensus EPS 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 Down 2.8 %

Confluent stock traded down $0.80 during trading on Tuesday, reaching $27.83. 7,609,493 shares of the company’s stock were exchanged, compared to its average volume of 4,772,677. 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’s 50-day moving average is $30.34 and its two-hundred day moving average is $26.25. The firm has a market cap of $8.70 billion, a price-to-earnings 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.

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 analysts’ consensus estimates of ($0.19) by ($0.01). The firm had revenue of $213.18 million during the quarter, compared to analysts’ expectations of $204.62 million. Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. On average, analysts predict that Confluent will post -0.92 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CFLT shares. The Goldman Sachs Group upped their price objective on shares of Confluent from $24.00 to $27.00 and gave the company a neutral rating in a research report on Thursday, February 8th. Wells Fargo & Company upped their price objective on shares of Confluent from $30.00 to $36.00 and gave the company an overweight rating in a research report on Thursday, February 8th. Mizuho reduced their price target on shares of Confluent from $38.00 to $36.00 and set a buy rating on the stock in a research report on Monday, April 15th. Barclays increased their price target on shares of Confluent from $26.00 to $33.00 and gave the stock an overweight rating in a research report on Thursday, February 8th. Finally, JMP Securities increased their price target on shares of Confluent from $25.00 to $38.00 and gave the stock a market outperform rating in a research report on Thursday, February 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $30.64.

Insider Buying and Selling

In related news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 479,537 shares of the company’s stock, valued at approximately $15,225,299.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Confluent news, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 479,537 shares in the company, valued at approximately $15,225,299.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $33.65, for a total transaction of $7,823,625.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $15,226,221.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,433,170 shares of company stock valued at $46,438,029. Company 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.