Confluent, Inc. (NASDAQ:CFLT) Forecasted to Earn Q1 2024 Earnings of ($0.22) Per Share

Confluent, Inc. (NASDAQ:CFLTFree Report) – Stock analysts at DA Davidson issued their Q1 2024 earnings per share estimates for shares of Confluent in a note issued to investors on Thursday, February 8th. DA Davidson analyst R. Kessinger expects that the company will post earnings per share of ($0.22) for the quarter. The consensus estimate for Confluent’s current full-year earnings is ($1.05) per share.

Other equities research analysts have also issued reports about the company. Canaccord Genuity Group restated a “hold” rating and set a $26.00 price target on shares of Confluent in a research report on Thursday, November 2nd. Piper Sandler dropped their target price on Confluent from $40.00 to $30.00 and set an “overweight” rating on the stock in a report on Thursday, November 2nd. JPMorgan Chase & Co. boosted their target price on Confluent from $23.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday. 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. Finally, 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. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, Confluent currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.42.

View Our Latest Stock Report on CFLT

Confluent Price Performance

Shares of Confluent stock opened at $32.57 on Friday. The company has a debt-to-equity ratio of 1.38, a current ratio of 4.98 and a quick ratio of 4.98. The business’s 50 day simple moving average is $23.35 and its two-hundred day simple moving average is $26.89. The stock has a market capitalization of $10.03 billion, a P/E ratio of -21.15 and a beta of 0.69. Confluent has a one year low of $14.69 and a one year high of $41.22.

Insider Activity

In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $25.24, for a total value of $5,868,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $25.24, for a total value of $5,868,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chad Verbowski sold 8,859 shares of the stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $18.73, for a total value of $165,929.07. Following the completion of the sale, the chief technology officer now owns 417,944 shares in the company, valued at $7,828,091.12. The disclosure for this sale can be found here. Insiders sold 439,216 shares of company stock valued at $10,241,051 in the last ninety days. Insiders own 22.08% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several hedge funds and other institutional investors have recently modified their holdings of CFLT. 1832 Asset Management L.P. increased its holdings in Confluent by 1,059.4% during the 2nd quarter. 1832 Asset Management L.P. now owns 6,354,800 shares of the company’s stock worth $224,388,000 after purchasing an additional 5,806,700 shares during the period. Whale Rock Capital Management LLC purchased a new position in shares of Confluent in the 2nd quarter valued at $105,594,000. Vanguard Group Inc. increased its holdings in shares of Confluent by 96.6% in the 1st quarter. Vanguard Group Inc. now owns 5,063,242 shares of the company’s stock valued at $207,593,000 after acquiring an additional 2,488,471 shares during the period. Altimeter Capital Management LP increased its holdings in shares of Confluent by 79.9% in the 1st quarter. Altimeter Capital Management LP now owns 5,306,700 shares of the company’s stock valued at $217,575,000 after acquiring an additional 2,356,700 shares during the period. Finally, T. Rowe Price Investment Management Inc. purchased a new position in shares of Confluent in the 4th quarter valued at $44,837,000. 59.30% of the stock is currently owned by hedge funds and other institutional investors.

About Confluent

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Confluent, Inc operates a data streaming platform in the United States and internationally. The company offers Confluent Cloud, a managed cloud-native service for connecting and processing real-time data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data.

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