JFrog (NASDAQ:FROG) Updates FY24 Earnings Guidance

JFrog (NASDAQ:FROG) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.59-0.61 for the period, compared to the consensus earnings per share 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 Price Performance

Shares of NASDAQ:FROG traded down $0.12 during trading on Thursday, reaching $40.62. 1,650,988 shares of the stock were exchanged, compared to its average volume of 1,175,613. JFrog has a 1-year low of $21.38 and a 1-year high of $48.81. The stock has a fifty day moving average of $41.70 and a two-hundred day moving average of $35.36. The firm 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 posted its earnings results on Wednesday, February 14th. The company reported ($0.07) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.07). The company had revenue of $97.26 million for the quarter, compared to analyst estimates of $93.07 million. JFrog had a negative net margin of 17.51% and a negative return on equity of 6.01%. Sell-side analysts forecast that JFrog will post -0.21 EPS for the current year.

Wall Street Analysts Forecast Growth

FROG has been the subject of several recent analyst reports. Scotiabank assumed coverage on shares of JFrog in a research note on Thursday, March 7th. They issued a buy rating for the company. Needham & Company LLC increased their price target on JFrog from $40.00 to $55.00 in a research report on Thursday, March 7th. KeyCorp began coverage on JFrog in a report on Tuesday, March 19th. They set an overweight rating and a $52.00 price target on the stock. Truist Financial upped their price objective on JFrog from $41.00 to $50.00 in a research note on Thursday, March 7th. Finally, DA Davidson boosted their price target on shares of JFrog from $45.00 to $55.00 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 stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $43.46.

Insider Activity

In related news, Director Frederic Simon sold 150,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $47.27, for a total transaction of $7,090,500.00. Following the completion of the sale, the director now directly owns 4,759,432 shares in the company, valued at approximately $224,978,350.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CTO Yoav Landman sold 110,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $47.28, for a total value of $5,200,800.00. Following the sale, the chief technology officer now owns 6,811,371 shares in the company, valued at approximately $322,041,620.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frederic Simon sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $47.27, for a total transaction of $7,090,500.00. Following the completion of the sale, the director now owns 4,759,432 shares in the company, valued at approximately $224,978,350.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 501,355 shares of company stock valued at $22,340,017. 15.70% of the stock is currently owned by company insiders.

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.