Cloudflare launched its new Billable Usage API. The API provides developers and FinOps teams with programmatic visibility into usage and costs across Cloudflare products. The tool leverages the FOCUS (FinOps Open Cost and Usage Specification) standard. It helps customers track spending on the Cloudflare platform.
Investment firm Guggenheim reiterated a "Sell" rating on Cloudflare's stock. The firm also reiterated a $140 price target. This comes ahead of Cloudflare's Q2 earnings report on August 6. Guggenheim expects an earnings beat. However, it anticipates a smaller upside than in previous quarters. The firm cited the upcoming retirement of the President of Revenue as a risk. Truist recently raised its price target. TD Cowen also recently raised its price target.