Confluent Inc (CFLT) PT Raised to $40 at JMP Securities

JMP Securities analyst Patrick Walravens raised the price target on Confluent Inc (NASDAQ: CFLT) to $40.00 (from $38.00) while maintaining a Market Outperform rating.

The analyst comments "We maintain our Market Outperform rating and increase our price target to $40 from $38 on Confluent Inc. after the company delivered mostly better-than-expected 1Q24 results and guidance, with non-GAAP EPS of $0.05 (consensus $0.02); total revenue of $217M (consensus $212M), up 25%, down from 26% last quarter; Confluent Cloud revenue of $107M (consensus $105M), up 45%, down from 46% last quarter; cRPO of $571M (consensus $584M), up 20% versus 30% last quarter, which is not a major focus for the company as it attempts to drive consumption rather than commitments; and non-GAAP operating margin of negative 1.5% (consensus negative 3.6%), marking the seventh consecutive quarter of 10+ percentage points of margin improvement."

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