Needham analyst Mike Cikos raised the firm’s price target on JFrog to $55 from $40 and keeps a Buy rating on the shares. The company’s “excellent” Q4 results showed material outperformance from Cloud driving the majority of the revenue upside, the analyst tells investors in a research note. JFrog also continues to profitably scale operations, guiding 2024 operating margin to 13.4% at the midpoint compared to 11.1% in 2023, the firm added.
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