Confluent (NASDAQ:CFLT) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Confluent (NASDAQ:CFLT) released its quarterly earnings results on Wednesday. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03, reports. The business had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative return on equity of 34.97% and a negative net margin of 38.35%.

Confluent Stock Performance

Shares of CFLT stock opened at $26.40 on Friday. The stock’s 50-day moving average is $20.94 and its two-hundred day moving average is $24.69. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. Confluent has a 1 year low of $14.69 and a 1 year high of $35.07. The firm has a market cap of $8.52 billion, a price-to-earnings ratio of -23.58 and a beta of 0.88.

Analysts Set New Price Targets

CFLT has been the subject of several research analyst reports. Wells Fargo & Company lowered their target price on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Truist Financial reaffirmed a “buy” rating and set a $30.00 price objective (down previously from $36.00) on shares of Confluent in a research report on Thursday, August 1st. Evercore ISI cut their target price on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Stifel Nicolaus lowered their price target on Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Finally, Loop Capital dropped their price objective on Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Confluent currently has an average rating of “Moderate Buy” and an average target price of $30.28.

Insider Activity

In related news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $9,045,235.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,045,235.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the sale, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 524,453 shares of company stock valued at $10,833,388. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CFLT. Daiwa Securities Group Inc. boosted its holdings in Confluent by 7.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock valued at $369,000 after purchasing an additional 800 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock valued at $322,000 after buying an additional 857 shares during the period. Advisors Asset Management Inc. boosted its stake in shares of Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after buying an additional 859 shares in the last quarter. Hollencrest Capital Management acquired a new position in Confluent during the first quarter worth $26,000. Finally, Resolute Advisors LLC raised its position in Confluent by 11.1% in the first quarter. Resolute Advisors LLC now owns 8,693 shares of the company’s stock worth $265,000 after acquiring an additional 869 shares in the last quarter. Institutional investors and hedge funds own 78.09% 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.