JFrog (NASDAQ:FROG) Updates FY24 Earnings Guidance

JFrog (NASDAQ:FROG) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $0.59-0.61 for the period, compared to the consensus EPS estimate of $0.60. The company issued revenue guidance of $425.5-429.5 million, compared to the consensus revenue estimate of $426.88 million. JFrog also updated its FY 2024 guidance to 0.590-0.610 EPS.

JFrog Stock Performance

FROG traded down $0.12 on Thursday, reaching $40.62. The company had a trading volume of 1,797,517 shares, compared to its average volume of 1,176,697. The business has a 50 day simple moving average of $41.70 and a 200 day simple moving average of $35.36. JFrog has a 52-week low of $21.38 and a 52-week high of $48.81. The company has a market cap of $4.14 billion, a price-to-earnings ratio of -67.70 and a beta of 1.01.

JFrog (NASDAQ:FROG) last announced its quarterly earnings results on Wednesday, February 14th. The company reported ($0.07) EPS for the quarter, hitting analysts’ consensus estimates of ($0.07). The business had revenue of $97.26 million for the quarter, compared to analysts’ expectations of $93.07 million. JFrog had a negative return on equity of 6.01% and a negative net margin of 17.51%. As a group, equities research analysts predict that JFrog will post -0.21 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on FROG. Needham & Company LLC boosted their price target on JFrog from $40.00 to $55.00 in a research note on Thursday, March 7th. Cantor Fitzgerald lifted their price target on shares of JFrog from $40.00 to $45.00 in a research note on Thursday, March 7th. DA Davidson increased their target price on shares of JFrog from $45.00 to $55.00 in a report on Thursday, March 7th. Bank Of America (Bofa) upped their price objective on JFrog from $36.00 to $54.00 in a research note on Thursday, March 7th. Finally, Truist Financial boosted their target price on shares of JFrog from $41.00 to $50.00 in a report on Thursday, March 7th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $43.46.

Insider Buying and Selling

In other JFrog news, CEO Ben Haim Shlomi sold 32,724 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $43.89, for a total transaction of $1,436,256.36. Following the completion of the sale, the chief executive officer now directly owns 4,987,300 shares of the company’s stock, valued at $218,892,597. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Yossi Sela sold 45,000 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $42.87, for a total value of $1,929,150.00. Following the transaction, the director now directly owns 380,312 shares of the company’s stock, valued at $16,303,975.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ben Haim Shlomi sold 32,724 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $43.89, for a total transaction of $1,436,256.36. Following the completion of the transaction, the chief executive officer now owns 4,987,300 shares in the company, valued at approximately $218,892,597. The disclosure for this sale can be found here. In the last three months, insiders sold 501,355 shares of company stock valued at $22,340,017. Insiders own 15.70% of the company’s stock.

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.