Confluent (NASDAQ:CFLT) Releases FY 2024 Earnings Guidance

Confluent (NASDAQ:CFLT) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.190-0.200 for the period, compared to the consensus 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.

Confluent Trading Down 2.8 %

NASDAQ CFLT opened at $27.83 on Wednesday. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.34. Confluent has a twelve month low of $14.69 and a twelve month high of $41.22. The firm has a market capitalization of $8.70 billion, a PE ratio of -18.93 and a beta of 0.93. The stock’s 50 day moving average is $30.34 and its 200 day moving average is $26.25.

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

Wall Street Analyst Weigh In

CFLT has been the topic of several research reports. Needham & Company LLC restated a buy rating and set a $38.00 price target on shares of Confluent in a research report on Wednesday. The Goldman Sachs Group boosted their price target on Confluent from $24.00 to $27.00 and gave the stock a neutral rating in a research note on Thursday, February 8th. Wells Fargo & Company boosted their price target on Confluent from $30.00 to $36.00 and gave the stock 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 set a $35.00 price objective for the company in a research report on Wednesday. Finally, Mizuho reduced their price objective on Confluent from $38.00 to $36.00 and set a buy rating for the company in a research report on Monday, April 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $31.36.

Insider Activity at Confluent

In related 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 transaction of $2,023,395.75. Following the completion of the transaction, the insider now directly owns 479,537 shares of the company’s stock, valued at $15,225,299.75. The sale was disclosed in a filing with the SEC, which is available through this link. In other 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 sale, the insider now directly owns 479,537 shares of the company’s stock, valued at approximately $15,225,299.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $33.65, for a total value of $7,823,625.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $15,226,221.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,433,170 shares of company stock valued at $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.