Confluent (NASDAQ:CFLT) Updates FY24 Earnings Guidance

Confluent (NASDAQ:CFLT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.19-0.20 for the period, compared to the consensus earnings per share estimate of $0.18. The company issued revenue guidance of approx $957 million, compared to the consensus revenue estimate of $950.22 million. Confluent also updated its Q2 guidance to $0.04-0.05 EPS.

Confluent Trading Down 1.1 %

Shares of Confluent stock traded down $0.35 on Thursday, hitting $31.03. The stock had a trading volume of 5,095,206 shares, compared to its average volume of 4,856,223. 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 one year low of $14.69 and a one year high of $41.22. The stock’s 50-day simple moving average is $30.20 and its two-hundred day simple moving average is $26.28. The stock has a market cap of $9.70 billion, a price-to-earnings ratio of -21.35 and a beta of 0.93.

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 firm had revenue of $213.18 million for the quarter, compared to analysts’ expectations of $204.62 million. Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. As a group, sell-side analysts predict that Confluent will post -0.92 EPS for the current year.

Analyst Ratings Changes

CFLT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target on Confluent from $23.00 to $27.00 and gave the company a neutral rating in a research report on Thursday, February 8th. Royal Bank of Canada raised their target price on shares of Confluent from $37.00 to $40.00 and gave the stock an outperform rating in a research report on Wednesday. Stifel Nicolaus began coverage on shares of Confluent in a research report on Wednesday, February 21st. They set a buy rating and a $40.00 price target on the stock. JMP Securities increased their price target on shares of Confluent from $38.00 to $40.00 and gave the stock a market outperform rating in a research note on Wednesday. Finally, DA Davidson reaffirmed a buy rating and set a $37.00 price objective on shares of Confluent in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $32.88.

Insiders Place Their Bets

In related news, CTO Chad Verbowski sold 5,963 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total transaction of $191,710.45. Following the completion of the transaction, the chief technology officer now directly owns 404,412 shares of the company’s stock, valued at $13,001,845.80. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Michelangelo Volpi sold 637,268 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $31.73, for a total value of $20,220,513.64. Following the completion of the sale, the director now directly owns 302,306 shares of the company’s stock, valued at approximately $9,592,169.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chad Verbowski sold 5,963 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $191,710.45. Following the transaction, the chief technology officer now directly owns 404,412 shares in the company, valued at approximately $13,001,845.80. The disclosure for this sale can be found here. Insiders have sold a total of 1,433,170 shares of company stock worth $46,438,029 in the last 90 days. 13.82% of the stock is currently owned by corporate 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.