Confluent (NASDAQ:CFLT) Releases FY24 Earnings Guidance

Confluent (NASDAQ:CFLT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.19-0.20 for the period, compared to the consensus 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 Stock Down 2.8 %

Shares of CFLT stock traded down $0.80 during trading hours on Tuesday, hitting $27.83. 7,609,493 shares of the company were exchanged, compared to its average volume of 4,772,677. The business has a 50 day moving average of $30.34 and a two-hundred day moving average of $26.25. 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 52 week low of $14.69 and a 52 week high of $41.22. The company has a market capitalization of $8.70 billion, a PE ratio of -18.93 and a beta of 0.93.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) earnings per share (EPS) 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 company had revenue of $213.18 million for the quarter, compared to the consensus estimate of $204.62 million. Analysts anticipate that Confluent will post -0.92 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CFLT. Stifel Nicolaus began coverage on shares of Confluent in a research report on Wednesday, February 21st. They issued a buy rating and a $40.00 target price for the company. Barclays increased their price target on shares of Confluent from $26.00 to $33.00 and gave the company an overweight rating in a research note on Thursday, February 8th. Needham & Company LLC increased their price target on shares of Confluent from $35.00 to $38.00 and gave the company a buy rating in a research note on Friday, March 22nd. JMP Securities increased their price target on shares of Confluent from $25.00 to $38.00 and gave the company a market outperform rating in a research note on Thursday, February 8th. Finally, Loop Capital began coverage on shares of Confluent in a research note on Tuesday, January 30th. They issued a hold rating and a $23.00 price target for the company. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $30.64.

Insiders Place Their Bets

In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the transaction, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CTO Chad Verbowski sold 8,086 shares of Confluent stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total transaction of $252,283.20. Following the completion of the sale, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michelangelo Volpi sold 637,268 shares of Confluent stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $31.73, for a total value of $20,220,513.64. Following the sale, the director now owns 302,306 shares of the company’s stock, valued at approximately $9,592,169.38. The disclosure for this sale can be found here. Insiders sold a total of 1,433,170 shares of company stock worth $46,438,029 in the last quarter. 13.82% of the stock is 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.