Confluent (NASDAQ:CFLT) Releases FY 2024 Earnings Guidance

Confluent (NASDAQ:CFLT) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.250-0.250 for the period, compared to the consensus earnings per share estimate of 0.210. The company issued revenue guidance of -. Confluent also updated its FY24 guidance to $0.25 EPS.

Confluent Stock Up 0.2 %

Shares of CFLT stock traded up $0.04 during mid-day trading on Wednesday, hitting $23.07. 4,997,841 shares of the stock traded hands, compared to its average volume of 4,297,958. The stock’s fifty day moving average is $20.82 and its two-hundred day moving average is $24.69. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. Confluent has a 52-week low of $14.69 and a 52-week high of $35.07. The stock has a market cap of $7.33 billion, a P/E ratio of -18.42 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. The firm had revenue of $234.99 million during the quarter, compared to analysts’ expectations of $229.49 million. Equities analysts predict that Confluent will post -0.95 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Truist Financial reiterated a “buy” rating and issued a $30.00 target price (down from $36.00) on shares of Confluent in a research note on Thursday, August 1st. Sanford C. Bernstein decreased their target price on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Piper Sandler reduced their price target on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Finally, Royal Bank of Canada lowered their price target on shares of Confluent from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.69.

Insider Activity

In other Confluent news, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Confluent news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the sale, the chief marketing officer now owns 161,673 shares in the company, valued at $3,505,070.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Rohan Sivaram sold 22,926 shares of the business’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 $497,035.68. Following the completion of the sale, the chief financial officer now owns 555,337 shares in the company, valued at approximately $12,039,706.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 524,453 shares of company stock worth $10,833,388 over the last ninety days. 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.