FY2024 EPS Estimates for Confluent Lifted by DA Davidson

Confluent, Inc. (NASDAQ:CFLT) – DA Davidson upped their FY2024 earnings estimates for Confluent in a note issued to investors on Thursday, October 31st. DA Davidson analyst R. Kessinger now anticipates that the company will post earnings of ($0.90) per share for the year, up from their prior forecast of ($0.95). DA Davidson has a “Buy” rating and a $30.00 price target on the stock. The consensus estimate for Confluent’s current full-year earnings is ($0.94) per share. DA Davidson also issued estimates for Confluent’s FY2025 earnings at ($0.77) EPS.

Several other brokerages have also recently weighed in on CFLT. Barclays upped their price objective on shares of Confluent from $29.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Needham & Company LLC upped their price objective on shares of Confluent from $28.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Mizuho upped their price objective on shares of Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. JMP Securities reiterated a “market outperform” rating and set a $40.00 target price on shares of Confluent in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. upped their target price on shares of Confluent from $25.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $30.74.

Confluent Price Performance

Shares of Confluent stock opened at $26.43 on Monday. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $8.53 billion, a price-to-earnings ratio of -23.81 and a beta of 0.82. Confluent has a 1-year low of $16.69 and a 1-year high of $35.07. The firm’s 50-day moving average price is $21.14 and its two-hundred day moving average price is $24.62.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.03. The firm had revenue of $250.20 million for the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC bought a new position in Confluent in the second quarter valued at $68,000. UniSuper Management Pty Ltd grew its position in Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after purchasing an additional 1,500 shares in the last quarter. Advisors Asset Management Inc. grew its position in Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after purchasing an additional 859 shares in the last quarter. Lazard Asset Management LLC grew its position in Confluent by 25.5% in the first quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock valued at $175,000 after purchasing an additional 1,167 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new position in Confluent in the second quarter valued at $175,000. Institutional investors own 78.09% of the company’s stock.

Insider Transactions at Confluent

In other news, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the sale, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at $3,505,070.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the sale, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at $3,505,070.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chad Verbowski sold 13,540 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $293,547.20. Following the sale, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at $10,770,775.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 738,576 shares of company stock valued at $16,435,976 over the last quarter. Corporate insiders own 13.82% of the company’s stock.

About Confluent

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.