What is Scotiabank’s Forecast for Confluent FY2024 Earnings?

Confluent, Inc. (NASDAQ:CFLT) – Research analysts at Scotiabank issued their FY2024 EPS estimates for Confluent in a research note issued on Wednesday, January 8th. Scotiabank analyst N. Altmann anticipates that the company will post earnings of ($0.91) per share for the year. Scotiabank has a “Sector Perform” rating and a $27.00 price objective 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 announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate 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 business had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million.

Several other brokerages also recently issued reports on CFLT. JMP Securities reiterated a “market outperform” rating and set a $40.00 price target on shares of Confluent in a report on Tuesday, October 29th. Piper Sandler upped their price target on shares of Confluent from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. TD Cowen upped 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. Wolfe Research upgraded shares of Confluent to a “strong-buy” rating in a report on Wednesday, September 18th. Finally, Evercore ISI lowered their price target on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, seven have issued 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 target price of $32.46.

Confluent Stock Up 1.0 %

Shares of CFLT opened at $27.21 on Monday. Confluent has a one year low of $17.79 and a one year high of $35.07. The company has a market cap of $8.92 billion, a P/E ratio of -24.51 and a beta of 0.91. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The firm has a 50 day simple moving average of $29.62 and a two-hundred day simple moving average of $24.94.

Insider Buying and Selling at Confluent

In other news, Director Matthew Craig Miller sold 53,512 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were 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 SEC, which is accessible through this link. Also, CTO Chad Verbowski sold 13,414 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $378,677.22. Following the transaction, the chief technology officer now owns 483,393 shares in the company, valued at $13,646,184.39. This represents a 2.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,584,712 shares of company stock valued at $132,928,936. 13.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Confluent

Institutional investors have recently made changes to their positions in the stock. Champlain Investment Partners LLC raised its holdings in shares of Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after acquiring an additional 4,486,841 shares during the last quarter. 1832 Asset Management L.P. raised its holdings in shares of Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after acquiring an additional 1,684,100 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Confluent by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock worth $88,180,000 after acquiring an additional 107,510 shares during the last quarter. Atreides Management LP raised its holdings in shares of Confluent by 7.3% in the 3rd quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock worth $55,167,000 after acquiring an additional 184,865 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Confluent by 46.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock worth $51,224,000 after acquiring an additional 802,353 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Confluent Company Profile

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.