FY2024 Earnings Forecast for Confluent Issued By Scotiabank

Confluent, Inc. (NASDAQ:CFLT) – Investment analysts at Scotiabank issued their FY2024 earnings per share (EPS) estimates for shares of Confluent in a report issued on Wednesday, January 8th. Scotiabank analyst N. Altmann expects that the company will post earnings of ($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 posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The company had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million.

Several other analysts also recently issued reports on the company. Royal Bank of Canada raised their price target on Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. TD Cowen increased their price objective on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Piper Sandler upped their target price on shares of Confluent from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Evercore ISI decreased their price objective on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $40.00 target price on shares of Confluent in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $32.46.

Confluent Stock Performance

Shares of NASDAQ CFLT opened at $27.64 on Monday. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The firm’s 50-day moving average price is $29.60 and its two-hundred day moving average price is $24.98. Confluent has a 52-week low of $17.79 and a 52-week high of $35.07. The stock has a market capitalization of $9.07 billion, a P/E ratio of -24.90 and a beta of 0.91.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CFLT. EP Wealth Advisors LLC raised its holdings in Confluent by 3.6% during the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock valued at $293,000 after buying an additional 503 shares in the last quarter. GAMMA Investing LLC grew its holdings in Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after purchasing an additional 1,136 shares during the last quarter. Truist Financial Corp raised its position in shares of Confluent by 5.3% in the second quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock valued at $721,000 after purchasing an additional 1,238 shares during the period. Elo Mutual Pension Insurance Co lifted its stake in shares of Confluent by 8.4% in the second quarter. Elo Mutual Pension Insurance Co now owns 18,643 shares of the company’s stock worth $551,000 after buying an additional 1,448 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of Confluent by 14.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 13,800 shares of the company’s stock worth $408,000 after buying an additional 1,700 shares during the period. Institutional investors own 78.09% of the company’s stock.

Insider Buying and Selling at Confluent

In related news, Director Matthew Craig Miller sold 53,512 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $33.64, for a total transaction of $1,800,143.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Kong Phan sold 2,096 shares of Confluent stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $59,170.08. Following the sale, the chief accounting officer now directly owns 190,680 shares of the company’s stock, valued at approximately $5,382,896.40. The trade was a 1.09 % 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 in the last 90 days. 13.82% of the stock is currently owned by corporate insiders.

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.