Truist Securities reiterated its Buy rating on JFrog with a price target of $110, implying roughly 23% upside from the software company’s closing price of $89.38 on Friday.
The firm’s note follows JFrog’s second-quarter results, which exceeded expectations with earnings per share of $0.27 versus a $0.24 consensus and revenue of $163.8 million against a $155.49 million forecast. Cloud revenue reached $87.5 million, up 53% year-over-year, while the dollar-based net retention rate stood at 121% and gross margins reached 78%.
Truist’s Miller Jump cited short-term catalysts including the adoption of coding agents and binary monetization as AI-generated code moves into production environments. The firm also pointed to opportunities in JFrog’s security segment, both near-term and long-term, alongside early-stage ModelOps initiatives that may contribute to future growth. Analysts noted a potential partnership opportunity with OpenAI as part of this pipeline.
Needham raised its price target to $115 from $80 while maintaining a Buy rating, while Morgan Stanley lifted its target to $100 from $95 but kept an Equal-weight rating. According to InvestingPro data, 13 analysts have revised JFrog’s earnings estimates upward for the coming period.
JFrog’s CFO Ed Grabscheid and VP of Investor Relations Jeff Schreiner are scheduled to discuss the results in an upcoming earnings call.
