Confluent (NASDAQ:CFLT) Updates FY 2024 Earnings Guidance

Confluent (NASDAQ:CFLT) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.190-0.200 for the period, compared to the consensus earnings per share estimate of 0.180. The company issued revenue guidance of $957.0 million-$957.0 million, compared to the consensus revenue estimate of $952.8 million. Confluent also updated its Q2 2024 guidance to 0.040-0.050 EPS.

Analysts Set New Price Targets

Several research firms have recently issued reports on CFLT. Mizuho lowered their price objective on Confluent from $38.00 to $36.00 and set a buy rating for the company in a research note on Monday, April 15th. Barclays upped their price objective on Confluent from $26.00 to $33.00 and gave the company an overweight rating in a research note on Thursday, February 8th. Wells Fargo & Company upped their price objective on Confluent from $30.00 to $36.00 and gave the company an overweight rating in a research note on Thursday, February 8th. Canaccord Genuity Group upgraded Confluent from a hold rating to a buy rating and upped their target price for the company from $28.00 to $35.00 in a report on Wednesday. Finally, Canaccord Genuity Group upgraded Confluent from a hold rating to a buy rating and set a $35.00 target price on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, Confluent currently has a consensus rating of Moderate Buy and an average target price of $31.36.

Confluent Price Performance

Shares of CFLT opened at $27.83 on Wednesday. Confluent has a 12-month low of $14.69 and a 12-month high of $41.22. The business’s fifty day moving average is $30.34 and its 200 day moving average is $26.25. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.34. The stock has a market cap of $8.70 billion, a P/E ratio of -18.93 and a beta of 0.93.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. The firm had revenue of $213.18 million during the quarter, compared to the consensus estimate of $204.62 million. Sell-side analysts anticipate that Confluent will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Chad Verbowski sold 8,086 shares of the 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 transaction, the chief technology officer now directly owns 532,072 shares in the company, valued at approximately $16,600,646.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CAO Ying Christina Liu sold 4,109 shares of the stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 123,497 shares of the company’s stock, valued at approximately $3,970,428.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the sale, the chief technology officer now directly owns 532,072 shares of the company’s stock, valued at $16,600,646.40. The disclosure for this sale can be found here. Insiders have sold a total of 1,433,170 shares of company stock worth $46,438,029 in the last ninety days. Corporate 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.