In a report released today, Mike Cikos from Needham maintained a Buy rating on JFrog, with a price target of $70.00.
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Mike Cikos has given his Buy rating due to a combination of factors that highlight JFrog’s strong performance and growth potential. The company reported a significant year-over-year growth in its cloud segment, achieving a 50% increase and exceeding market expectations. This growth is driven by sustained usage of traditional packages and promising indicators in AI/ML usage, alongside effective sales strategies that convert customers to long-term commitments.
JFrog’s strategic investments in its go-to-market approach are yielding positive results, with an increase in high-value customers and improved revenue visibility. The company’s focus on security is also contributing to larger deals and contract sizes, further enhancing its financial outlook. These factors collectively underscore JFrog’s robust position in the market, justifying the Buy rating by Mike Cikos.
According to TipRanks, Cikos is a 5-star analyst with an average return of 14.6% and a 57.23% success rate. Cikos covers the Technology sector, focusing on stocks such as JFrog, Palo Alto Networks, and Elastic.
In another report released today, Barclays also maintained a Buy rating on the stock with a $67.00 price target.