JFrog (NASDAQ:FROG) Price Target Lowered to $38.00 at Canaccord Genuity Group

JFrog (NASDAQ:FROG) had its price target trimmed by Canaccord Genuity Group from $48.00 to $38.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts have also recently commented on the company. Morgan Stanley cut their price target on JFrog from $52.00 to $47.00 and set an overweight rating for the company in a report on Friday, May 10th. Scotiabank cut their target price on JFrog from $45.00 to $40.00 and set a sector perform rating for the company in a research note on Friday, May 10th. Oppenheimer downgraded shares of JFrog from an outperform rating to a market perform rating in a research note on Thursday. Barclays assumed coverage on shares of JFrog in a report on Wednesday, June 26th. They issued an overweight rating and a $50.00 price target on the stock. Finally, FBN Securities assumed coverage on shares of JFrog in a report on Wednesday, May 22nd. They set an outperform rating and a $45.00 price objective for the company. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $38.00.

JFrog Price Performance

Shares of NASDAQ FROG traded up $1.46 during trading hours on Thursday, hitting $26.14. 3,102,280 shares of the company’s stock were exchanged, compared to its average volume of 1,272,460. JFrog has a 1-year low of $21.38 and a 1-year high of $48.81. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of -55.62 and a beta of 0.96. The company’s 50-day moving average price is $35.00 and its 200-day moving average price is $37.79.

JFrog (NASDAQ:FROG) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.03). JFrog had a negative return on equity of 4.62% and a negative net margin of 13.29%. The company had revenue of $103.04 million during the quarter, compared to analyst estimates of $103.53 million. On average, research analysts expect that JFrog will post -0.21 earnings per share for the current year.

Insider Buying and Selling at JFrog

In other news, CEO Ben Haim Shlomi sold 57,550 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $32.32, for a total transaction of $1,860,016.00. Following the completion of the sale, the chief executive officer now owns 5,048,099 shares in the company, valued at $163,154,559.68. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Ben Haim Shlomi sold 57,550 shares of JFrog stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $32.32, for a total transaction of $1,860,016.00. Following the completion of the sale, the chief executive officer now owns 5,048,099 shares in the company, valued at approximately $163,154,559.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frederic Simon sold 35,000 shares of JFrog stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $38.75, for a total transaction of $1,356,250.00. Following the sale, the director now directly owns 4,549,432 shares of the company’s stock, valued at approximately $176,290,490. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 272,107 shares of company stock worth $9,513,787. Insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On JFrog

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FROG. George Kaiser Family Foundation grew its holdings in shares of JFrog by 0.7% in the 2nd quarter. George Kaiser Family Foundation now owns 75,037 shares of the company’s stock valued at $2,818,000 after buying an additional 532 shares during the period. Cornercap Investment Counsel Inc. lifted its holdings in JFrog by 1.2% during the fourth quarter. Cornercap Investment Counsel Inc. now owns 45,767 shares of the company’s stock worth $1,584,000 after acquiring an additional 535 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in JFrog in the first quarter valued at about $26,000. Advisors Asset Management Inc. increased its holdings in shares of JFrog by 33.9% in the first quarter. Advisors Asset Management Inc. now owns 2,615 shares of the company’s stock worth $116,000 after acquiring an additional 662 shares in the last quarter. Finally, Lazard Asset Management LLC raised its position in shares of JFrog by 6.0% during the first quarter. Lazard Asset Management LLC now owns 15,549 shares of the company’s stock worth $686,000 after purchasing an additional 879 shares during the period. Institutional investors own 85.02% 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.