JFrog price target lowered to $45 from $55 at Needham

Needham lowered the firm’s price target on JFrog to $45 from $55 but keeps a Buy rating on the shares. The company’s Cloud revenue growth of 47% y/y was slightly above its view for growing mid-40%’s, but narrowly missed the Street expectations, the analyst tells investors in a research note. JFrog management cited an expected period of “digestion” in the quarter as a result of the large growth experienced in Q4 of 2023 and customers’ project planning for the second half of 2024, the firm adds.