Confluent (NASDAQ:CFLT) Updates FY24 Earnings Guidance

Confluent (NASDAQ:CFLT - Get Free Report) updated its FY24 earnings guidance on Tuesday. 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.

Analysts Set New Price Targets

Several research firms recently issued reports on CFLT. DA Davidson reaffirmed a buy rating and issued a $37.00 price objective on shares of Confluent in a research note on Monday, April 1st. Mizuho cut their price objective on Confluent from $38.00 to $36.00 and set a buy rating on the stock in a research note on Monday, April 15th. Barclays boosted their target price on Confluent from $26.00 to $33.00 and gave the stock an overweight rating in a report on Thursday, February 8th. Royal Bank of Canada boosted their target price on Confluent from $35.00 to $37.00 and gave the stock an outperform rating in a report on Wednesday, February 14th. Finally, Wells Fargo & Company boosted their target price on Confluent from $30.00 to $36.00 and gave the stock an overweight rating in a report on Thursday, February 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, Confluent has an average rating of Moderate Buy and a consensus price target of $30.64.

Confluent Price Performance

NASDAQ CFLT traded down $0.80 on Tuesday, reaching $27.83. The company's stock had a trading volume of 7,609,493 shares, compared to its average volume of 4,772,677. 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 market cap of $8.70 billion, a PE ratio of -18.93 and a beta of 0.93. The business has a 50-day moving average price of $30.34 and a 200 day moving average price of $26.25.

Confluent (NASDAQ:CFLT - Get Free Report) last released its quarterly earnings data 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 net margin of 56.99% and a negative return on equity of 44.16%. The company had revenue of $213.18 million during the quarter, compared to the consensus estimate of $204.62 million. Sell-side analysts expect 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 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 completion of the transaction, the chief technology officer now directly owns 532,072 shares of the company's stock, valued at approximately $16,600,646.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CAO Ying Christina Liu sold 4,109 shares of the firm's stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total transaction of $132,104.35. Following the completion of the sale, the chief accounting officer now directly owns 123,497 shares of the company's stock, valued at approximately $3,970,428.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chad Verbowski sold 8,086 shares of the firm's 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 directly owns 532,072 shares of the company's stock, valued at $16,600,646.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,433,170 shares of company stock valued at $46,438,029. Corporate insiders own 13.82% of the company's stock.

Confluent Company Profile

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.