Analyst Andrew Sherman from TD Cowen reiterated a Buy rating on JFrog and increased the price target to $75.00 from $58.00.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Andrew Sherman has given his Buy rating due to a combination of factors that highlight JFrog’s strong performance and potential for future growth. The company reported a significant increase in cloud growth, reaching 50%, which is well above the market expectations of 36%. This surge is attributed to increased usage across various software types, including AI models, and successful conversion of customers into larger deals, particularly in the security segment.
Moreover, JFrog has consistently outperformed its guidance for five consecutive quarters, showcasing its robust operational execution. The company’s strong indicators, such as a 47% rise in RPO and a 36% increase in cRPO, further reinforce its growth trajectory. Additionally, the recent interest in JFrog’s Curation product following a security incident underscores the company’s strategic positioning in the market. With attractive valuations and a promising outlook, JFrog remains a compelling investment opportunity, prompting Sherman to reiterate a Buy rating and raise the price target.
According to TipRanks, Sherman is a 4-star analyst with an average return of 11.1% and a 66.22% success rate. Sherman covers the Technology sector, focusing on stocks such as JFrog, Elastic, and Dynatrace.
In another report released yesterday, Robert W. Baird also assigned a Buy rating to the stock with a $58.00 price target.