JFrog (FROG) PT Raised to $125 at UBS

UBS analyst Radi Sultan raised the price target on JFrog (NASDAQ: FROG) to $125.00 (from $120.00) while maintaining a Buy rating.

The analyst commented, "We caught up with 5 JFrog checks (2 partners + 3 customers) ahead of the 3Q26 print and came away feeling better on the near-term setup and lean positive into the print. Our checks all generally pointed to healthy spend & practice growths in Q3 (both partners beat their Q3 targets & saw an acceleration) and we heard little evidence that the Hugging Face incident in July or the Artifactory vulnerability/CVE-82329 identified in late August were causing a material growth headwind. The key question for the stock from here is if cloud growth can continue accelerating from 53% in Q2. Nothing we picked up in our checks would indicate that JFrog can't deliver 54-55%+ cloud growth in Q3 (UBSe 54%) which, with 27%+ total revs growth (UBSe 27%), we think is enough for the stock to continue working from here even at ~50x our CY27 FCF. Based on our conversations we also think investor positioning is increasingly leaning cautious given the recent security incidents (bracing for a numbers impact) and the tough 3Q comp (lapping the Sep 2025 npm incident) which we think creates a more favorable positioning setup into the print and we remain Buy rated."

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