Confluent (NASDAQ:CFLT) Updates Q2 Earnings Guidance

Confluent (NASDAQ:CFLTGet Rating) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of (0.21-0.19) for the period, compared to the consensus estimate of ($0.20). The company issued revenue guidance of $130-132 million, compared to the consensus revenue estimate of $127.40 million.Confluent also updated its FY22 guidance to ($0.79-0.73) EPS.

NASDAQ CFLT traded down $4.52 during trading hours on Friday, hitting $23.73. 10,710,020 shares of the company traded hands, compared to its average volume of 2,089,644. The business’s 50-day moving average is $36.88 and its 200-day moving average is $57.31. Confluent has a twelve month low of $21.17 and a twelve month high of $94.97. The company has a debt-to-equity ratio of 1.27, a quick ratio of 6.39 and a current ratio of 6.39. The stock has a market capitalization of $6.48 billion and a price-to-earnings ratio of -12.17.

Confluent (NASDAQ:CFLTGet Rating) last announced its earnings results on Thursday, May 5th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.23. Confluent had a negative return on equity of 51.90% and a negative net margin of 88.38%. The company had revenue of $126.10 million for the quarter, compared to analyst estimates of $118.49 million. During the same quarter last year, the company earned ($0.29) earnings per share. The firm’s quarterly revenue was up 63.8% compared to the same quarter last year. Analysts predict that Confluent will post -1.57 EPS for the current year.

Several brokerages have recently issued reports on CFLT. Citigroup started coverage on Confluent in a research note on Tuesday, January 11th. They issued a neutral rating and a $80.00 price target on the stock. Barclays cut their price objective on Confluent from $71.00 to $44.00 and set an equal weight rating on the stock in a report on Tuesday, April 19th. Credit Suisse Group cut their target price on Confluent from $100.00 to $80.00 in a report on Friday. Zacks Investment Research raised Confluent from a sell rating to a hold rating in a report on Thursday, March 17th. Finally, The Goldman Sachs Group lowered their price objective on Confluent from $75.00 to $48.00 and set a neutral rating for the company in a research report on Thursday, April 14th. Nine investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Confluent has a consensus rating of Hold and a consensus target price of $62.53.

In other Confluent news, Director Jonathan Chadwick sold 16,625 shares of the stock in a transaction on Thursday, March 10th. The stock was sold at an average price of $34.60, for a total transaction of $575,225.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Brad Gerstner purchased 61,700 shares of the firm’s stock in a transaction dated Wednesday, March 16th. The stock was purchased at an average cost of $32.43 per share, for a total transaction of $2,000,931.00. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 774,583 shares of company stock worth $29,211,858 and sold 634,025 shares worth $27,704,768. 27.94% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in CFLT. Captrust Financial Advisors bought a new position in shares of Confluent in the third quarter worth $30,000. Bank of America Corp DE increased its holdings in shares of Confluent by 660.0% in the fourth quarter. Bank of America Corp DE now owns 3,215 shares of the company’s stock worth $245,000 after purchasing an additional 2,792 shares during the period. CIBC World Markets Inc. increased its holdings in shares of Confluent by 8.3% in the fourth quarter. CIBC World Markets Inc. now owns 4,168 shares of the company’s stock worth $318,000 after purchasing an additional 319 shares during the period. Glenmede Trust Co. NA bought a new position in Confluent in the fourth quarter valued at $424,000. Finally, NewEdge Advisors LLC bought a new position in Confluent in the fourth quarter valued at $428,000. 37.20% of the stock is currently owned by hedge funds and other institutional investors.

Confluent Company Profile (Get Rating)

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

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