Confluent (NASDAQ:CFLT) Issues Q4 Earnings Guidance

Confluent (NASDAQ:CFLT) updated its fourth quarter earnings guidance on Wednesday. The company provided EPS guidance of $0.05 for the period, compared to the consensus EPS estimate of $0.05. Confluent also updated its FY 2024 guidance to 0.250-0.250 EPS.

Analyst Ratings Changes

Several brokerages have issued reports on CFLT. Citigroup boosted their target price on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday. Wells Fargo & Company dropped their price objective on Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. TD Cowen cut their price objective on Confluent from $31.00 to $27.00 and set a “buy” rating on the stock in a research report on Friday, September 20th. DA Davidson reiterated a “buy” rating and set a $30.00 target price on shares of Confluent in a research report on Wednesday, September 18th. Finally, Sanford C. Bernstein cut their price target on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $29.69.

Confluent Price Performance

CFLT traded up $0.04 on Wednesday, hitting $23.07. 5,466,847 shares of the company’s stock were exchanged, compared to its average volume of 4,300,117. The firm has a 50-day moving average price of $20.82 and a 200-day moving average price of $24.69. The stock has a market cap of $7.33 billion, a price-to-earnings ratio of -18.46 and a beta of 0.88. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $35.07.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The business had revenue of $234.99 million for the quarter, compared to analyst estimates of $229.49 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. As a group, equities analysts anticipate that Confluent will post -0.95 earnings per share for the current year.

Insider Transactions at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,045,235.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the transaction, the chief marketing officer now directly owns 161,673 shares in the company, valued at approximately $3,505,070.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,045,235.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 524,453 shares of company stock worth $10,833,388 in the last ninety days. 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.