Confluent, Inc. (NASDAQ:CFLT) to Post Q2 2024 Earnings of ($0.22) Per Share, DA Davidson Forecasts

Confluent, Inc. (NASDAQ:CFLT) – Investment analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for Confluent in a note issued to investors on Wednesday, May 8th. DA Davidson analyst R. Kessinger expects that the company will post earnings per share of ($0.22) for the quarter. DA Davidson currently has a “Buy” rating and a $37.00 target price on the stock. The consensus estimate for Confluent’s current full-year earnings is ($0.92) per share.

A number of other equities research analysts also recently weighed in on CFLT. Mizuho lowered their target price on Confluent from $38.00 to $36.00 and set a “buy” rating for the company in a report on Monday, April 15th. Stifel Nicolaus assumed coverage on Confluent in a report on Wednesday, February 21st. They set a “buy” rating and a $40.00 price objective for the company. Wells Fargo & Company boosted their price objective on Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday. TD Cowen boosted their price objective on Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Needham & Company LLC restated a “buy” rating and set a $38.00 price objective on shares of Confluent in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $32.88.

Confluent Trading Down 1.1 %

Shares of CFLT stock opened at $31.03 on Friday. The company has a market cap of $9.70 billion, a P/E ratio of -21.11 and a beta of 0.93. The stock has a 50 day simple moving average of $30.20 and a two-hundred day simple moving average of $26.28. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $41.22.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The business had revenue of $213.18 million during the quarter, compared to the consensus estimate of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%.

Insider Buying and Selling at Confluent

In other Confluent news, CAO Ying Christina Liu sold 4,109 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $132,104.35. Following the completion of the transaction, the chief accounting officer now owns 123,497 shares in the company, valued at approximately $3,970,428.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction on 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 transaction, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Ying Christina Liu sold 4,109 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $132,104.35. Following the transaction, the chief accounting officer now owns 123,497 shares of the company’s stock, valued at approximately $3,970,428.55. The disclosure for this sale can be found here. Insiders sold 732,173 shares of company stock worth $24,194,120 in the last quarter. 13.82% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

A number of institutional investors have recently added to or reduced their stakes in CFLT. Coatue Management LLC purchased a new stake in Confluent during the 4th quarter worth about $134,132,000. Vanguard Group Inc. raised its holdings in shares of Confluent by 13.0% in the 3rd quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock valued at $545,546,000 after acquiring an additional 2,125,843 shares in the last quarter. Norges Bank purchased a new stake in shares of Confluent in the 4th quarter valued at about $37,046,000. Trivest Advisors Ltd purchased a new stake in shares of Confluent in the 4th quarter valued at about $31,145,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new stake in shares of Confluent in the 4th quarter valued at about $29,833,000. Hedge funds and other institutional investors own 78.09% 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.