Canaccord Genuity Group Cuts Price Target on JFrog (NASDAQ:FROG) to $38.00

JFrog (NASDAQ:FROG – Free Report) Canaccord Genuity Group lowered their price target for the stock from $48.00 to $38.00 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also recently commented on FROG. UBS Group assumed coverage on JFrog in a research report on Wednesday, May 22nd. They issued a buy rating and a $41.00 price target for the company. KeyCorp decreased their price objective on shares of JFrog from $52.00 to $46.00 and set an overweight rating for the company in a research note on Friday, May 10th. Needham & Company LLC reiterated a buy rating and set a $45.00 target price on shares of JFrog in a research report on Tuesday, June 25th. Morgan Stanley decreased their price target on shares of JFrog from $52.00 to $47.00 and set an overweight rating for the company in a research report on Friday, May 10th. Finally, FBN Securities assumed coverage on JFrog in a report on Wednesday, May 22nd. They set an outperform rating and a $45.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of Moderate Buy and a consensus price target of $38.00, based on data from MarketBeat.

Check out our latest report on JFrog

JFrog stock performance

Shares of FROG stock opened at $26.14 on Thursday. The company has a 50-day simple moving average of $35.00 and a 200-day simple moving average of $37.85. JFrog has a 52 week low of $21.38 and a 52 week high of $48.81. The firm has a market cap of $2.66 billion, a P/E ratio of -55.62 and a beta of 0.96.

JFrog (NASDAQ:FROG – Get Your Free Report ) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). JFrog had a negative return on equity of 4.62% and a negative net margin of 13.29%. The firm had revenue of $100.31 million during the quarter, compared to analysts’ expectations of $98.63 million. As a group, equities analysts forecast that JFrog will post -0.21 earnings per share for the current year.

Insider trading at JFrog

In related news, Director Frederic Simon sold 35,000 shares of JFrog stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $32.70, for a total value of $1,144,500.00. Following the completion of the transaction, the director now directly owns 4,619,432 shares of the company’s stock, valued at $151,055,426.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this link. In other JFrog news, CTO Yoav Landman sold 15,000 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $32.35, for a total value of $485,250.00. Following the transaction, the chief technology officer now directly owns 6,747,142 shares in the company, valued at approximately $218,270,043.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed via this link. Also, Director Frederic Simon sold 35,000 shares of JFrog stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $32.70, for a total value of $1,144,500.00. Following the completion of the sale, the director now directly owns 4,619,432 shares of the company’s stock, valued at $151,055,426.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 272,107 shares of company stock worth $9,513,787. Insiders own 15.70% of the company’s shares.

Hedge funds are weighing on JFrog

Several hedge funds have recently added to or reduced their stakes in FROG. Arizona State Retirement System lifted its position in JFrog by 7.2% during the 4th quarter. Arizona State Retirement System now owns 21,761 shares of the company’s stock valued at $753,000 after buying an additional 1,455 shares during the period . Asset Management One Co. Ltd. purchased a new position in JFrog in the fourth quarter valued at approximately $263,000. International Assets Investment Management LLC bought a new position in JFrog in the fourth quarter valued at about $2,983,000. NewEdge Wealth LLC increased its holdings in JFrog by 32.7% during the 4th quarter. NewEdge Wealth LLC now owns 196,938 shares of the company’s stock worth $6,816,000 after acquiring an additional 48,585 shares during the period . Finally, Cornercap Investment Counsel Inc. grew its holdings in JFrog by 1.2% during the 4th 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 during the period. Institutional investors own 85.02% of the company’s shares.

About JFrog

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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 acts as a gatekeeper 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 certain JFrog subscriptions; and JFrog Distribution which provides distribution of software packages.

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