Confluent (NASDAQ:CFLT) Updates FY 2021 Earnings Guidance

Confluent (NASDAQ:CFLT) issued an update on its FY 2021 earnings guidance on Thursday morning. The company provided earnings per share guidance of $-0.920-$-0.900 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $-1.020. The company issued revenue guidance of $376 million-$378 million, compared to the consensus revenue estimate of $352.20 million.Confluent also updated its Q4 2021 guidance to $-0.230-$-0.210 EPS.

CFLT stock traded up $4.17 during trading on Thursday, hitting $79.79. 1,540,968 shares of the company traded hands, compared to its average volume of 1,473,818. The stock’s 50-day moving average is $71.66. Confluent has a 1 year low of $37.71 and a 1 year high of $94.97.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Thursday, November 4th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.06. The company had revenue of $102.60 million during the quarter, compared to analysts’ expectations of $90.72 million. Confluent had a negative return on equity of 72.10% and a negative net margin of 76.90%. The firm’s quarterly revenue was up 66.8% on a year-over-year basis. Research analysts anticipate that Confluent will post -1.83 EPS for the current year.

CFLT has been the subject of several recent research reports. JMP Securities lifted their price target on Confluent from $52.00 to $97.00 and gave the company an outperform rating in a research report on Friday, November 5th. Barclays lifted their price target on Confluent from $62.00 to $68.00 and gave the company an equal weight rating in a research report on Monday, October 18th. Deutsche Bank Aktiengesellschaft lifted their price target on Confluent from $42.00 to $84.00 and gave the company a hold rating in a research report on Monday, November 8th. Zacks Investment Research raised Confluent from a hold rating to a buy rating and set a $89.00 price objective on the stock in a report on Monday. Finally, Cowen raised their price objective on Confluent from $75.00 to $100.00 and gave the company an outperform rating in a report on Friday, November 5th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $67.15.

In other Confluent news, CEO Edward Jay Kreps sold 230,000 shares of the business’s stock in a transaction on Monday, November 15th. The stock was sold at an average price of $82.57, for a total transaction of $18,991,100.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Steven M. Spurlock sold 854 shares of the business’s stock in a transaction on Monday, November 15th. The stock was sold at an average price of $85.54, for a total value of $73,051.16. The disclosure for this sale can be found here. Insiders sold 1,156,746 shares of company stock worth $100,169,795 over the last ninety days.

A number of large investors have recently bought and sold shares of CFLT. Morgan Stanley purchased a new stake in Confluent in the second quarter valued at $36,452,000. UBS Group AG purchased a new stake in Confluent in the third quarter valued at $1,612,000. Bank of New York Mellon Corp purchased a new stake in Confluent in the third quarter valued at $650,000. Royal Bank of Canada raised its position in Confluent by 2,740.0% in the third quarter. Royal Bank of Canada now owns 9,798 shares of the company’s stock valued at $585,000 after purchasing an additional 9,453 shares during the period. Finally, Captrust Financial Advisors purchased a new stake in Confluent in the third quarter valued at $30,000. Institutional investors own 16.96% of the company’s stock.

About Confluent

Confluent, Inc engages in developing cloud-native platform for data-in-motion that helps companies to connect their applications around real-time streams in the United States and internationally. The company offers Apache Kafka, a community distributed event streaming platform. Its products also include Confluent Cloud, a managed cloud-native service for Apache Kafka to connect and process data of user companies; Confluent platform, a self-managed platform to connect, process, and react to data in real-time for streaming data from across the organization for customer experiences and data-driven operations; ksqlDB that enables users to build real-time applications; and Confluent hub.

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Earnings History and Estimates for Confluent (NASDAQ:CFLT)

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