JFrog (NASDAQ:FROG) Shares Gap Up on Analyst Upgrade

JFrog Ltd. (NASDAQ:FROG)’s share price gapped up before the market opened on Friday after Canaccord Genuity Group raised their price target on the stock from $38.00 to $45.00. The stock had previously closed at $37.71, but opened at $43.00. Canaccord Genuity Group currently has a buy rating on the stock. JFrog shares last traded at $40.05, with a volume of 1,285,900 shares.

FROG has been the topic of several other research reports. TD Cowen raised their price target on shares of JFrog from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Morgan Stanley increased their price objective on shares of JFrog from $36.00 to $44.00 and gave the company an “overweight” rating in a report on Friday. Robert W. Baird increased their price objective on shares of JFrog from $32.00 to $36.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Needham & Company LLC increased their price objective on shares of JFrog from $39.00 to $46.00 and gave the company a “buy” rating in a report on Friday. Finally, Truist Financial restated a “buy” rating and set a $35.00 target price (up from $33.00) on shares of JFrog in a report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.44.

Insiders Place Their Bets

In other news, CTO Yoav Landman sold 24,652 shares of the firm’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $37.43, for a total transaction of $922,724.36. Following the transaction, the chief technology officer now owns 6,526,901 shares in the company, valued at approximately $244,301,904.43. This trade represents a 0.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frederic Simon sold 35,000 shares of the firm’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $35.92, for a total transaction of $1,257,200.00. Following the transaction, the director now owns 4,409,432 shares in the company, valued at $158,386,797.44. This represents a 0.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 411,685 shares of company stock worth $13,720,965 in the last quarter. 15.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FROG. Migdal Insurance & Financial Holdings Ltd. grew its stake in JFrog by 30.7% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 894,047 shares of the company’s stock valued at $25,963,000 after buying an additional 210,000 shares during the last quarter. abrdn plc grew its stake in JFrog by 4.1% in the 4th quarter. abrdn plc now owns 772,202 shares of the company’s stock valued at $22,784,000 after buying an additional 30,392 shares during the last quarter. JPMorgan Chase & Co. grew its stake in JFrog by 11.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,508,852 shares of the company’s stock valued at $43,817,000 after buying an additional 159,483 shares during the last quarter. Principal Financial Group Inc. grew its stake in JFrog by 55.8% in the 3rd quarter. Principal Financial Group Inc. now owns 1,437,941 shares of the company’s stock valued at $41,757,000 after buying an additional 514,895 shares during the last quarter. Finally, North Peak Capital Management LLC acquired a new position in JFrog in the 3rd quarter valued at $73,417,000. Institutional investors own 85.02% of the company’s stock.

JFrog Stock Performance

The business’s 50 day moving average is $32.62 and its 200-day moving average is $30.70. The firm has a market capitalization of $4.08 billion, a price-to-earnings ratio of -75.66 and a beta of 0.97.

JFrog (NASDAQ:FROG) last posted its earnings results on Thursday, February 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.28). JFrog had a negative net margin of 13.98% and a negative return on equity of 5.36%. Equities research analysts forecast that JFrog Ltd. will post -0.32 EPS for the current fiscal year.

About JFrog

JFrog Ltd. provides end-to-end hybrid software supply chain platform in the United States, Israel, India, and internationally. The company offers JFrog Artifactory, a package repository that allows teams and organizations to store, update, and manage their software packages; JFrog Curation that functions as a guardian outside the software development pipeline, controlling the admission of packages into an organization, primarily from open source or public repositories; JFrog Xray, which scans JFrog Artifactory to secure all software packages; JFrog Advanced Security, an optional add-on for select JFrog subscriptions; and JFrog Distribution that provides software package distribution.