Confluent (NASDAQ:CFLT) Releases FY24 Earnings Guidance

Confluent (NASDAQ:CFLT) updated its FY24 earnings guidance on Tuesday. 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 Price Performance

NASDAQ CFLT traded down $0.80 on Tuesday, hitting $27.83. 7,354,095 shares of the company were exchanged, compared to its average volume of 4,770,002. Confluent has a 1-year low of $14.69 and a 1-year high of $41.22. The firm has a 50 day moving average of $30.34 and a two-hundred day moving average of $26.25. 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 company 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 announced 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). The company 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%. On average, equities analysts predict that Confluent will post -0.92 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Royal Bank of Canada upped their price target on Confluent from $35.00 to $37.00 and gave the company an outperform rating in a research note on Wednesday, February 14th. Wells Fargo & Company lifted their price target on shares of Confluent from $30.00 to $36.00 and gave the stock an overweight rating in a research report on Thursday, February 8th. JPMorgan Chase & Co. increased their price objective on shares of Confluent from $23.00 to $27.00 and gave the company a neutral rating in a report on Thursday, February 8th. Scotiabank lifted their target price on shares of Confluent from $22.00 to $28.00 and gave the stock a sector perform rating in a report on Thursday, February 8th. Finally, JMP Securities increased their price target on Confluent from $25.00 to $38.00 and gave the company a market outperform 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. Based on data from MarketBeat.com, Confluent currently has an average rating of Moderate Buy and a consensus price target of $30.64.

Insider Transactions at Confluent

In other Confluent news, 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Confluent news, insider Erica Schultz sold 63,729 shares of the firm’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 value of $2,023,395.75. Following the completion of 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 filing with the SEC, which can be accessed through the SEC website. Also, CMO Stephanie Buscemi sold 2,724 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $87,576.60. Following the transaction, the chief marketing officer now directly owns 109,002 shares in the company, valued at approximately $3,504,414.30. The disclosure for this sale can be found here. Insiders sold 1,433,170 shares of company stock valued at $46,438,029 in the last ninety days. 13.82% of the stock is currently owned by corporate insiders.

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.