JFrog shares climbed 11.8% midday on Thursday after the company introduced JFrog Traffic Controller, a tool designed to redirect software package downloads through its Artifactory platform for security, licensing, and quality checks.
The DevOps software provider also announced partnerships with Secure Access Service Edge (SASE) providers Zscaler, Cloudflare, and Netskope to integrate the traffic control feature. JFrog said the move addresses a surge in malicious software packages, citing internal research that recorded a 451% year-over-year increase in such threats, totaling over 171,000 unique instances.
The stock reached a new 52-week high of $103.85, recovering from a low of $34.05 set earlier this year. The advance followed a 29% revenue increase in the second quarter to $163.8 million, while adjusted earnings per share of $0.27 exceeded analyst estimates. Management also raised its full-year revenue guidance to a midpoint of $650 million.
RBC Capital Markets initiated coverage of JFrog on Wednesday with an Outperform rating and a $118 price target. The broader market advanced, with the NASDAQ up 1.4% and the S&P 500 gaining 0.7% during the session.
