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

Confluent, Inc. (NASDAQ:CFLT) – Equities research 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 anticipates that the company will post earnings of ($0.22) per share for the quarter. DA Davidson currently has a “Buy” rating and a $37.00 price target on the stock. The consensus estimate for Confluent’s current full-year earnings is ($0.92) per share.

Several other analysts have also issued reports on the company. Royal Bank of Canada boosted their price target on Confluent from $37.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday. Stifel Nicolaus assumed coverage on Confluent in a report on Wednesday, February 21st. They set a “buy” rating and a $40.00 price target for the company. Mizuho cut their price target on Confluent from $38.00 to $36.00 and set a “buy” rating for the company in a report on Monday, April 15th. UBS Group boosted their price target on Confluent from $21.00 to $26.00 and gave the company a “neutral” rating in a report on Monday, February 5th. Finally, Canaccord Genuity Group raised Confluent from a “hold” rating to a “buy” rating and boosted their price target for the company from $28.00 to $35.00 in a report on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.88.

Confluent Stock Performance

Shares of CFLT opened at $31.03 on Friday. The business has a fifty day moving average of $30.20 and a 200 day moving average of $26.28. Confluent has a one year low of $14.69 and a one year high of $41.22. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62. The firm has a market capitalization of $9.70 billion, a P/E ratio of -21.11 and a beta of 0.93.

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

Insider Buying and Selling at Confluent

In other news, CMO Stephanie Buscemi sold 2,724 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $87,576.60. Following the sale, the chief marketing officer now directly owns 109,002 shares in the company, valued at $3,504,414.30. The sale was disclosed in a document filed with the SEC, which is available at this link. In related 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 transaction, the chief technology officer now owns 532,072 shares of the company’s stock, valued at $16,600,646.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CMO Stephanie Buscemi sold 2,724 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $87,576.60. Following the completion of the transaction, the chief marketing officer now directly owns 109,002 shares in the company, valued at approximately $3,504,414.30. The disclosure for this sale can be found here. Insiders have sold a total of 732,173 shares of company stock worth $24,194,120 over the last ninety days. Company insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several hedge funds and other institutional investors have recently bought and sold shares of CFLT. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Confluent by 1.9% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock valued at $448,000 after purchasing an additional 359 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Confluent by 5.0% during the 4th quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock valued at $274,000 after purchasing an additional 556 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Confluent by 0.3% during the 3rd quarter. Rhumbline Advisers now owns 243,828 shares of the company’s stock valued at $7,220,000 after purchasing an additional 629 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Confluent by 6.6% during the 4th quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the company’s stock valued at $264,000 after purchasing an additional 700 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in shares of Confluent by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock valued at $1,921,000 after purchasing an additional 800 shares during the last quarter. 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.