Confluent (NASDAQ:CFLT) Updates FY24 Earnings Guidance

Confluent (NASDAQ:CFLTGet Free Report) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of approx $0.17 for the period, compared to the consensus EPS estimate of $0.17. The company issued revenue guidance of approx $950 million, compared to the consensus revenue estimate of $939.09 million. Confluent also updated its FY 2024 guidance to 0.170-0.170 EPS.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Wells Fargo & Company lifted their price target on shares of Confluent from $30.00 to $36.00 and gave the stock an overweight rating in a research note on Thursday. Truist Financial decreased their target price on shares of Confluent from $42.00 to $27.00 and set a buy rating for the company in a research note on Friday, November 3rd. Canaccord Genuity Group restated a hold rating and issued a $26.00 price target on shares of Confluent in a research note on Thursday, November 2nd. Scotiabank upped their price objective on Confluent from $22.00 to $28.00 and gave the company a sector perform rating in a research report on Thursday. Finally, Wolfe Research raised Confluent from a peer perform rating to an outperform rating and set a $21.00 target price on the stock in a report on Friday, November 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Confluent has an average rating of Moderate Buy and an average price target of $30.42.

Get Our Latest Analysis on Confluent

Confluent Stock Down 2.6 %

NASDAQ CFLT opened at $31.72 on Friday. Confluent has a 12 month low of $14.69 and a 12 month high of $41.22. The company has a current ratio of 4.98, a quick ratio of 4.98 and a debt-to-equity ratio of 1.38. The stock has a market cap of $9.77 billion, a PE ratio of -21.58 and a beta of 0.69. The stock’s 50 day moving average is $23.53 and its 200 day moving average is $26.86.

Insider Transactions at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $25.24, for a total value of $5,868,300.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of Confluent 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 filing with the SEC, which is available at this hyperlink. Also, CMO Stephanie Buscemi sold 3,385 shares of the stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $18.73, for a total value of $63,401.05. Following the transaction, the chief marketing officer now owns 110,792 shares of the company’s stock, valued at $2,075,134.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 439,216 shares of company stock valued at $10,241,051. 22.08% of the stock is currently owned by corporate insiders.

Institutional Trading of Confluent

Several hedge funds have recently made changes to their positions in CFLT. US Bancorp DE grew its position in Confluent by 14.9% in the fourth quarter. US Bancorp DE now owns 4,608 shares of the company’s stock worth $108,000 after acquiring an additional 597 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in shares of Confluent by 30.6% in the 4th quarter. Corient Private Wealth LLC now owns 17,192 shares of the company’s stock worth $402,000 after purchasing an additional 4,024 shares during the period. Royal Bank of Canada boosted its holdings in shares of Confluent by 2.4% in the 3rd quarter. Royal Bank of Canada now owns 380,554 shares of the company’s stock worth $11,267,000 after purchasing an additional 8,830 shares during the period. Legal & General Group Plc increased its position in shares of Confluent by 1,082.6% during the 3rd quarter. Legal & General Group Plc now owns 334,037 shares of the company’s stock valued at $9,891,000 after purchasing an additional 305,791 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Confluent by 5.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 143,616 shares of the company’s stock valued at $4,252,000 after buying an additional 7,955 shares during the period. 59.30% of the stock is currently owned by hedge funds and other institutional investors.

About Confluent

(Get Free Report)

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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