JFrog (FROG) PT Raised to $40 at Needham & Company

Needham & Company analyst Mike Cikos raised the price target on JFrog (NASDAQ: FROG) to $40.00 (from $31.00) while maintaining a Buy rating after Co-Founder and CEO Shlomi Ben Haim took part in the annual Needham Growth Conference.

The analyst commented, "Needham's Key Takeaways:

• JFrog is committed to driving a growing proportion of sales from Security, which is expected to deliver 5%-plus of Total Revenue in CY24.
• JFrog's portfolio expansion into Security and AI is tapping new personas, like data scientists.
• In our view, since Cloud usage only showed signs of stabilization in March 2023, we anticipate the current Cloud consumption environment drives easier yr-yr comparisons in 1QCY24 - serving as a tailwind to growth."

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