Confluent (NASDAQ:CFLT) Releases Q2 Earnings Guidance

Confluent (NASDAQ:CFLT) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.04-0.05 for the period, compared to the consensus 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.

Analyst Ratings Changes

A number of analysts have recently issued reports on CFLT shares. UBS Group lifted their price objective on shares of Confluent from $21.00 to $26.00 and gave the stock a neutral rating in a report on Monday, February 5th. Barclays boosted their price objective on shares of Confluent from $33.00 to $34.00 and gave the stock an overweight rating in a report on Wednesday. JMP Securities increased their target price on shares of Confluent from $38.00 to $40.00 and gave the company a market outperform rating in a report on Wednesday. Scotiabank upped their price target on shares of Confluent from $22.00 to $28.00 and gave the company a sector perform rating in a research report on Thursday, February 8th. Finally, Royal Bank of Canada boosted their target price on Confluent from $37.00 to $40.00 and gave the company an outperform rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat, Confluent has a consensus rating of Moderate Buy and a consensus price target of $32.88.

Confluent Price Performance

CFLT traded down $1.01 on Friday, hitting $30.02. 1,433,795 shares of the company’s stock traded hands, compared to its average volume of 4,818,039. The firm has a market cap of $9.38 billion, a price-to-earnings ratio of -21.11 and a beta of 0.93. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. Confluent has a one year low of $14.69 and a one year high of $41.22. The company’s 50 day simple moving average is $30.14 and its 200-day simple moving average is $26.31.

Confluent (NASDAQ:CFLT) last announced 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). The business had revenue of $213.18 million during the quarter, compared to the consensus estimate of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. As a group, research analysts anticipate that Confluent will post -0.92 EPS for the current year.

Insider Transactions at Confluent

In other news, 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 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 SEC, which is available at this hyperlink. In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the company’s 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 owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lara Caimi sold 46,875 shares of Confluent stock in a transaction on Monday, March 11th. The stock was sold at an average price of $31.90, for a total value of $1,495,312.50. Following the sale, the director now owns 5,399 shares of the company’s stock, valued at $172,228.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 732,173 shares of company stock worth $24,194,120. 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.