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.

Confluent Stock Down 3.3 %

CFLT stock traded down $1.01 during trading on Friday, reaching $30.02. 1,433,795 shares of the company traded hands, compared to its average volume of 4,818,039. The company has a market capitalization of $9.38 billion, a price-to-earnings ratio of -21.11 and a beta of 0.93. 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 business has a 50 day simple moving average of $30.14 and a 200 day simple moving average of $26.31. Confluent has a 12 month low of $14.69 and a 12 month high of $41.22.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results 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 business had revenue of $213.18 million for the quarter, compared to analysts’ expectations 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 research analysts anticipate that Confluent will post -0.92 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on CFLT shares. Canaccord Genuity Group upgraded shares of Confluent from a hold rating to a buy rating and set a $35.00 price objective for the company in a research note on Wednesday. The Goldman Sachs Group lifted their price target on Confluent from $27.00 to $30.00 and gave the company a neutral rating in a research report on Thursday. Mizuho cut their price target on Confluent from $38.00 to $36.00 and set a buy rating for the company in a research note on Monday, April 15th. Needham & Company LLC reissued a buy rating and issued a $38.00 price objective on shares of Confluent in a report on Wednesday. Finally, TD Cowen increased their target price on Confluent from $34.00 to $37.00 and gave the company a buy rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $32.88.

Insider Transactions at Confluent

In other news, insider Erica Schultz sold 63,729 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $33.50, for a total value of $2,134,921.50. Following the completion of the sale, the insider now owns 480,471 shares of the company’s stock, valued at $16,095,778.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was 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 owns 532,072 shares of the company’s stock, valued at $16,600,646.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $33.50, for a total value of $2,134,921.50. Following the completion of the sale, the insider now owns 480,471 shares of the company’s stock, valued at $16,095,778.50. The disclosure for this sale can be found here. Insiders have sold a total of 732,173 shares of company stock worth $24,194,120 in the last three months. 13.82% of the stock is currently owned by company 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.