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NET

Cloudflare, Inc. (NYSE:NET) exceeded Q1 earnings expectations but provided FY24 revenue guidance below estimates, causing a 12.3% drop in its stock price. The company reported a 30.47% year-over-year revenue growth and anticipates Q2 revenue to slightly beat estimates. Analysts from Baird, Mizuho, Oppenheimer, and Piper Sandler adjusted their price targets on Cloudflare following the earnings announcement.

Portfolio Pulse from Avi Kapoor

May 03, 2024 | 1:35 pm

AAPL

NET

SPY

Apple Inc. saw its stock price increase following a positive earnings report and announcement of a stock buyback. Cloudflare Inc. experienced a decline in its stock price due to providing softer guidance than expected. The April unemployment rate was higher than anticipated, potentially impacting market sentiment and indices like the SPDR S&P 500 ETF Trust.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:32 pm

CGC

Canopy Growth Corporation (CGC) has announced a financing deal with an institutional investor to receive approximately $50 million in gross proceeds and exchange about $20 million of existing debt for a new convertible debenture. The deal includes issuing additional common share purchase warrants and aims to use the proceeds for working capital and general corporate purposes. This move is part of Canopy's strategy to accelerate its entry into the U.S. market, following shareholder approval for the spin-out of Canopy USA.

Portfolio Pulse from Jelena Martinovic

May 03, 2024 | 1:31 pm

CNC

PRFT

PYPL

WNS

Four stocks, WNS Holdings Limited (WNS), PayPal Holdings, Inc. (PYPL), Centene Corporation (CNC), and Perficient, Inc. (PRFT), are highlighted as great value investments with potential for over 100% upside by 2025 based on their current P/E ratios, forward P/E, and projected earnings. Each company is trading below its historical P/E levels, suggesting significant growth potential if they achieve their expected earnings and their P/E ratios normalize.

Portfolio Pulse from Cory Mitchell

May 03, 2024 | 1:28 pm

COIN

DASH

DOCU

SNAP

Insiders at Coinbase Global, DoorDash, DocuSign, and Snap have recently sold shares, indicating potential concerns or personal financial strategies. Notably, these sales occur amidst various company developments, such as earnings reports and analyst upgrades.

Portfolio Pulse from Avi Kapoor

May 03, 2024 | 1:28 pm

SPT

Sprout Social (NASDAQ:SPT) reported Q1 revenue below expectations, leading to a 3.5% stock price drop and several analysts cutting their price targets and downgrading the stock. Despite beating earnings per share estimates, the company's sales underperformance and revised 2024 revenue forecast prompted negative analyst reactions.

Portfolio Pulse from Avi Kapoor

May 03, 2024 | 1:28 pm

MARA

Marathon Digital's stock price increased following the announcement of their Bitcoin production and mining updates for April.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:27 pm

BILL

BILL shares surged following the announcement of their Q3 financial results, which exceeded expectations. Additionally, the company provided optimistic revenue guidance for Q4 and the full fiscal year 2024, surpassing analysts' forecasts.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:25 pm

MELI

MercadoLibre shares are trading higher following the announcement of better-than-expected Q1 financial results.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:24 pm

PARA

Skydance Media will not extend its exclusivity agreement with Paramount Global (PARA), as reported by CNBC. This development could impact Paramount's future content pipeline and its competitive position in the entertainment industry.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:22 pm