Confluent (NASDAQ:CFLT) Updates 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.

Wall Street Analyst Weigh In

Several analysts have commented on the company. DA Davidson reaffirmed a buy rating and set a $37.00 price objective on shares of Confluent in a research note on Monday, April 1st. Barclays lifted their price objective on shares of Confluent from $33.00 to $34.00 and gave the company an overweight rating in a research report on Wednesday. Stifel Nicolaus assumed coverage on shares of Confluent in a research report on Wednesday, February 21st. They set a buy rating and a $40.00 price objective for the company. The Goldman Sachs Group boosted their price target on shares of Confluent from $24.00 to $27.00 and gave the stock a neutral rating in a research note on Thursday, February 8th. Finally, UBS Group raised their price objective on shares of Confluent from $21.00 to $26.00 and gave the company a neutral rating in a research report on Monday, February 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $32.77.

Confluent Trading Up 12.8 %

CFLT traded up $3.55 during midday trading on Wednesday, hitting $31.38. The company’s stock had a trading volume of 11,941,395 shares, compared to its average volume of 4,853,520. The firm has a market cap of $9.81 billion, a P/E ratio of -20.60 and a beta of 0.93. Confluent has a 52-week low of $14.69 and a 52-week high of $41.22. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. The firm has a 50-day moving average price of $30.23 and a two-hundred day moving average price of $26.24.

Confluent (NASDAQ:CFLT) last issued its 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 return on equity of 44.16% and a negative net margin of 56.99%. The firm had revenue of $213.18 million during the quarter, compared to analysts’ expectations of $204.62 million. On average, research analysts anticipate that Confluent will post -0.92 earnings per share for the current year.

Insider Transactions at Confluent

In other Confluent news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $33.91, for a total transaction of $2,161,050.39. Following the completion of the sale, the insider now owns 706,715 shares in the company, valued at approximately $23,964,705.65. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $33.91, for a total value of $2,161,050.39. Following the completion of the sale, the insider now directly owns 706,715 shares of the company’s stock, valued at $23,964,705.65. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction that occurred 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 directly owns 532,072 shares in the company, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,433,170 shares of company stock valued at $46,438,029. Corporate 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.