FY2024 Earnings Forecast for Confluent Issued By Scotiabank

Confluent, Inc. (NASDAQ:CFLT) – Research analysts at Scotiabank issued their FY2024 EPS estimates for Confluent in a report issued on Wednesday, January 8th. Scotiabank analyst N. Altmann anticipates that the company will earn ($0.91) per share for the year. Scotiabank currently has a “Sector Perform” rating and a $27.00 target price on the stock. The consensus estimate for Confluent’s current full-year earnings is ($0.90) per share. Scotiabank also issued estimates for Confluent’s FY2025 earnings at ($0.85) EPS.

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

A number of other equities research analysts have also weighed in on the stock. Robert W. Baird boosted their target price on shares of Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. TD Cowen raised their price target on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Royal Bank of Canada increased their price objective on shares of Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Barclays boosted their target price on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Sanford C. Bernstein decreased their price target on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Confluent presently has an average rating of “Moderate Buy” and a consensus price target of $32.46.

Confluent Stock Performance

Shares of CFLT stock opened at $26.95 on Monday. The firm has a market capitalization of $8.84 billion, a price-to-earnings ratio of -24.28 and a beta of 0.91. 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 business’s 50-day moving average price is $29.61 and its 200-day moving average price is $24.96. Confluent has a 12 month low of $17.79 and a 12 month high of $35.07.

Insider Activity at Confluent

In other news, CTO Chad Verbowski sold 13,414 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $378,677.22. Following the completion of the transaction, the chief technology officer now directly owns 483,393 shares of the company’s stock, valued at $13,646,184.39. This represents a 2.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michelangelo Volpi sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $25.92, for a total transaction of $1,296,000.00. Following the sale, the director now owns 280,200 shares of the company’s stock, valued at approximately $7,262,784. The trade was a 15.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,584,712 shares of company stock valued at $132,928,936 over the last 90 days. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several institutional investors and hedge funds have recently bought and sold shares of the company. Friedenthal Financial purchased a new position in shares of Confluent during the 4th quarter valued at $758,000. Moody National Bank Trust Division purchased a new stake in Confluent during the 4th quarter worth about $203,000. Diversified Trust Co boosted its stake in Confluent by 21.5% in the 4th quarter. Diversified Trust Co now owns 73,529 shares of the company’s stock worth $2,056,000 after purchasing an additional 13,026 shares during the period. GAMMA Investing LLC grew its holdings in Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after buying an additional 1,136 shares in the last quarter. Finally, Oddo BHF Asset Management Sas bought a new stake in shares of Confluent during the third quarter valued at about $7,646,000. 78.09% of the stock is owned by institutional investors.

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.