Shares of JFrog Ltd. (NASDAQ: FROG) reached a new 52-week high during trading on Saturday, peaking at $60.68 before closing at $60.00. This significant increase follows an upgrade from DA Davidson, which assigned a strong-buy rating to the stock. Trading volume for the day was robust, with approximately 7,756,599 shares changing hands, a notable spike from the previous close of $47.26.
Several other equity analysts have also recently weighed in on JFrog’s stock performance. On September 11, 2023, Robert W. Baird raised its price target from $52.00 to $58.00 while maintaining an “outperform” rating. Conversely, Weiss Ratings reissued a “sell (d-)” rating on October 8, 2023. Notably, Oppenheimer also upgraded JFrog to “outperform” with a target price of $75.00 in a report released on Friday. Similarly, Cowen reaffirmed a “buy” rating on the same day, and Stifel Nicolaus increased its price objective from $45.00 to $53.00 earlier in August.
Overall, the stock currently holds a consensus rating of “Moderate Buy” according to MarketBeat, with an average price target of $62.69. The ratings are supported by one analyst issuing a strong buy recommendation, fourteen recommending buy, two holding, and one suggesting sell.
Institutional Investor Activity
Recent activity among institutional investors has also influenced JFrog’s stock dynamics. Beirne Wealth Consulting Services LLC acquired a new stake worth $367,000 during the third quarter. Vanguard Group Inc. increased its holdings by 2.5%, now owning 9,143,178 shares valued at approximately $432.7 million after purchasing an additional 224,513 shares.
The State of New Jersey Common Pension Fund D raised its stake by 3.0%, bringing its total to 45,363 shares valued at around $2.15 million. Furthermore, HighTower Advisors LLC boosted its holdings by an impressive 452.1%, acquiring an additional 46,529 shares to reach a total of 56,821 shares. Public Sector Pension Investment Board also acquired a new stake valued at approximately $3.25 million. Currently, institutional investors hold 85.02% of JFrog’s stock.
Recent Performance and Future Guidance
JFrog’s recent financial performance reflects a strong upward trajectory. The company reported quarterly earnings on November 6, 2023, posting earnings per share (EPS) of $0.22, surpassing analysts’ expectations of $0.16 by $0.06. Revenue for the quarter reached $136.91 million, exceeding projections of $128.28 million, and marking a 25.5% increase year-over-year. The previous year’s EPS stood at $0.15.
For fiscal year 2025, JFrog has projected earnings guidance between $0.780 and $0.800 per share, with fourth-quarter estimates between $0.180 and $0.200 per share. Analysts anticipate a consolidated EPS of -0.33 for the current year.
Founded in the United States, JFrog Ltd. specializes in hybrid software supply chain solutions, offering products such as JFrog Artifactory for package repository management, JFrog Curation for software package control, and JFrog Xray for security scanning. The company’s innovative tools support development teams globally, including operations in Israel and India.
As JFrog continues to gain attention from analysts and institutional investors, its stock performance will be closely monitored for further developments.
