Confluent (NASDAQ:CFLT) Updates Q2 2022 Earnings Guidance

Confluent (NASDAQ:CFLT – Get Rating) updated its second quarter 2022 earnings guidance on Monday. 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 $130.00 million-$132.00 million, compared to the consensus revenue estimate of $127.69 million.Confluent also updated its FY 2022 guidance to -$0.79–$0.73 EPS.

A number of equities research analysts have weighed in on CFLT shares. Citigroup started coverage on Confluent in a research note on Tuesday, January 11th. They set a neutral rating and a $80.00 price objective for the company. Morgan Stanley lifted their target price on Confluent from $75.00 to $80.00 and gave the company an equal weight rating in a research note on Friday, February 11th. DA Davidson raised Confluent from a neutral rating to a buy rating and set a $76.00 target price on the stock in a research note on Tuesday, January 25th. They noted that the move was a valuation call. Credit Suisse Group lowered their price target on Confluent from $100.00 to $80.00 in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Confluent from $63.00 to $28.00 in a research report on Friday. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Confluent presently has a consensus rating of Hold and an average target price of $62.53.

Shares of NASDAQ CFLT traded down $2.89 during trading hours on Monday, hitting $20.84. 74,297 shares of the company’s stock were exchanged, compared to its average volume of 3,181,239. Confluent has a 1-year low of $21.17 and a 1-year high of $94.97. The company has a debt-to-equity ratio of 1.27, a current ratio of 6.39 and a quick ratio of 6.39. The stock has a market capitalization of $5.69 billion and a price-to-earnings ratio of -10.76. The company’s 50-day moving average price is $36.88 and its 200-day moving average price is $57.17.

Confluent (NASDAQ:CFLT – Get Rating) last issued its quarterly earnings results on Thursday, May 5th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.23. Confluent had a negative return on equity of 41.55% and a negative net margin of 94.12%. The firm had revenue of $126.10 million for the quarter, compared to analyst estimates of $118.49 million. During the same period in the previous year, the company posted ($0.29) earnings per share. The company’s quarterly revenue was up 63.8% compared to the same quarter last year. On average, research analysts expect that Confluent will post -1.57 earnings per share for the current year.

In other news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 22nd. The stock was sold at an average price of $44.41, for a total value of $10,325,325.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Neha Narkhede sold 125,000 shares of the company’s stock in a transaction that occurred on Monday, February 14th. The shares were sold at an average price of $54.22, for a total value of $6,777,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 774,583 shares of company stock worth $29,211,858 and have sold 634,025 shares worth $27,704,768. Insiders own 27.94% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CIBC World Markets Inc. grew its position in Confluent by 8.3% during the 4th quarter. CIBC World Markets Inc. now owns 4,168 shares of the company’s stock worth $318,000 after acquiring an additional 319 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Confluent by 1.8% during the 4th quarter. Wells Fargo & Company MN now owns 20,344 shares of the company’s stock worth $1,551,000 after buying an additional 355 shares in the last quarter. Captrust Financial Advisors acquired a new position in Confluent during the 3rd quarter worth $30,000. Credit Suisse AG lifted its holdings in Confluent by 7.8% during the 4th quarter. Credit Suisse AG now owns 26,954 shares of the company’s stock worth $2,055,000 after buying an additional 1,954 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in Confluent by 660.0% during the 4th quarter. Bank of America Corp DE now owns 3,215 shares of the company’s stock worth $245,000 after buying an additional 2,792 shares in the last quarter. Institutional investors and hedge funds own 37.20% of the company’s stock.

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.

Further Reading