Confluent (NASDAQ:CFLT) Releases Q2 Earnings Guidance

Confluent (NASDAQ:CFLT) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.04-0.05 for the period, compared to the consensus earnings per share 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.

Analyst Ratings Changes

CFLT has been the topic of a number of analyst reports. Mizuho lowered their price objective on Confluent from $38.00 to $36.00 and set a buy rating on the stock in a research report on Monday, April 15th. Truist Financial reiterated a buy rating and issued a $36.00 price target (up from $33.00) on shares of Confluent in a research report on Wednesday. The Goldman Sachs Group raised 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. Canaccord Genuity Group raised shares of Confluent from a hold rating to a buy rating and upped their target price for the stock from $28.00 to $35.00 in a report on Wednesday. Finally, DA Davidson reissued a buy rating and set a $37.00 price target on shares of Confluent in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $32.77.

Confluent Trading Up 12.8 %

Shares of Confluent stock traded up $3.55 on Wednesday, reaching $31.38. The company had a trading volume of 11,941,395 shares, compared to its average volume of 4,853,520. The firm’s 50-day moving average price is $30.23 and its two-hundred day moving average price is $26.24. Confluent has a 1 year low of $14.69 and a 1 year high of $41.22. The firm has a market cap of $9.81 billion, a price-to-earnings ratio of -20.60 and a beta of 0.93. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62.

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 for the quarter, compared to the consensus estimate of $204.62 million. Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. As a group, research analysts predict that Confluent will post -0.92 earnings per share for the current fiscal 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 value of $2,023,395.75. Following the sale, the insider now directly owns 479,537 shares in the company, valued at $15,225,299.75. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly 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 at the SEC website. Also, CTO Chad Verbowski sold 8,086 shares of Confluent stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total transaction 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,433,170 shares of company stock worth $46,438,029. 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.