JFrog (NASDAQ:FROG) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded JFrog from “hold” to “buy.” Overall, analysts have a “Moderate Buy” consensus and an average price target of $113.10.
• JFrog beat quarterly estimates, reporting adjusted earnings of $0.32 per share versus $0.23 expected and revenue of $179.17 million versus $165.92 million expected. Revenue grew 30.9% year over year.
• Company insiders sold 735,453 shares worth about $70.3 million during the last quarter; the reported transactions were made under pre-arranged trading plans.

JFrog (NASDAQ:FROG - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Other analysts also recently issued research reports about the company. Barclays reiterated an "overweight" rating and issued a $110.00 price objective on shares of JFrog in a research report on Friday, August 7th. Stifel Nicolaus set a $102.00 target price on shares of JFrog in a report on Friday, September 4th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $115.00 target price on shares of JFrog in a research note on Wednesday, November 4th. Needham & Company LLC reiterated a "buy" rating and set a $115.00 price target on shares of JFrog in a report on Thursday, September 3rd. Finally, Royal Bank Of Canada upped their price target on shares of JFrog from $118.00 to $121.00 and gave the company an "outperform" rating in a report on Friday, November 6th. Twenty equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $113.10.

JFrog Trading Up 2.7%

NASDAQ FROG opened at $113.60 on Friday. JFrog has a 1-year low of $34.05 and a 1-year high of $114.44. The stock has a 50-day moving average of $94.87 and a 200-day moving average of $73.87. The firm has a market cap of $14.16 billion, a PE ratio of -631.11 and a beta of 1.31.

JFrog (NASDAQ:FROG - Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.09. JFrog had a negative return on equity of 1.55% and a negative net margin of 3.29%. The company had revenue of $179.17 million during the quarter, compared to analysts' expectations of $165.92 million. During the same period in the prior year, the business posted $0.22 EPS. JFrog's quarterly revenue was up 30.9% compared to the same quarter last year. As a group, equities research analysts forecast that JFrog will post -0.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other JFrog news, CTO Yoav Landman sold 249,300 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $100.72, for a total transaction of $25,109,496.00. Following the completion of the transaction, the chief technology officer owned 5,199,038 shares of the company's stock, valued at $523,647,107.36. This represents a 4.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederic Simon sold 120,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $93.21, for a total value of $11,185,200.00. Following the completion of the sale, the director owned 2,864,328 shares of the company's stock, valued at approximately $266,984,012.88. This trade represents a 4.02% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 735,453 shares of company stock worth $70,307,366 in the last quarter. 11.80% of the stock is currently owned by company insiders.

Institutional Trading of JFrog

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC boosted its holdings in JFrog by 10.3% in the third quarter. Empowered Funds LLC now owns 13,255 shares of the company's stock valued at $1,286,000 after acquiring an additional 1,235 shares in the last quarter. State Board of Administration of Florida Retirement System increased its position in JFrog by 34.1% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 29,137 shares of the company's stock valued at $2,827,000 after purchasing an additional 7,417 shares during the period. Pinnbrook Capital Management LP bought a new position in JFrog in the 3rd quarter worth $4,231,000. First Trust Advisors LP raised its holdings in JFrog by 2.7% in the 3rd quarter. First Trust Advisors LP now owns 3,831,588 shares of the company's stock worth $371,817,000 after purchasing an additional 99,218 shares in the last quarter. Finally, Advisors Asset Management Inc. bought a new position in JFrog in the 3rd quarter worth $387,000. Hedge funds and other institutional investors own 85.02% of the company's stock.

About JFrog

JFrog Ltd. develops software delivery and supply-chain tools for organizations building and deploying applications. Its platform helps teams manage software packages and other binary artifacts throughout the development lifecycle, from creation and testing to distribution and deployment. Its products include JFrog Artifactory, a repository manager for storing and managing software artifacts, and JFrog Xray, which scans software components for security vulnerabilities and policy issues. The broader platform also offers tools for continuous integration and delivery, software distribution, and software supply-chain security, and can be deployed in cloud, on-premises, or hybrid environments.

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