JFrog FY Conference Summary Company Overview - **Company**: JFrog (NasdaqGS:FROG) - **Industry**: Infrastructure and Security Software Key Points Company Vision and Market Opportunity - JFrog was founded 15 years ago to manage binaries, which are critical to the software supply chain, as DevOps practices accelerated the need for organized and secure binary repositories [6][7] - The company has evolved from a point solution to a full platform, with over 56% of revenue now coming from Enterprise+ solutions [11] Business Segments and Growth Drivers - **Cloud Segment**: Achieved 45% growth in 2025, driven by diverse customer usage exceeding minimum commitments [13] - **Self-Managed Segment**: Monetized through the number of servers rather than developer seats, providing a competitive advantage [14] - **Security Segment**: Security offerings have doubled as a percentage of Annual Recurring Revenue (ARR) from 5% in 2024 to 10% in 2025, indicating strong growth [31] Financial Performance and Guidance - JFrog has a 97% gross retention rate, indicating strong customer loyalty and commitment to multi-year contracts [78] - The company has shifted its guidance philosophy to focus on cloud commitments, excluding usage over minimum commitments and large deals, to account for revenue volatility [26][30] Security Business Insights - The security business has seen rapid growth due to increased awareness of vulnerabilities in the software supply chain, particularly after high-profile security incidents [36][37] - JFrog's security products, including Curation and Advanced Security, are designed to protect against vulnerabilities and manage software supply chain risks [35][41] Market Position and Competitive Landscape - JFrog positions itself as a system of record for AI and software supply chains, emphasizing the importance of governance and compliance in security [59][62] - The company believes it is defendable against AI disruptions due to its established infrastructure and integration capabilities with various tools [92][93] Future Outlook - JFrog aims to continue delivering durable growth while balancing profitability and investment in key areas such as governance and compliance [102] - The company is optimistic about the potential for its governance product, AppTrust, to gain traction in the market [69] Additional Insights - JFrog's approach to security emphasizes the need for centralized policy control, allowing organizations to manage what packages are allowed into their systems [95] - The company remains focused on its core objectives despite external market chaos, indicating a commitment to long-term growth strategies [102] This summary encapsulates the key insights from JFrog's FY conference, highlighting the company's strategic direction, financial performance, and market positioning within the infrastructure and security software industry.

Core Viewpoint - JFrog Ltd. is recognized as a strong investment opportunity in the AI sector, with analysts maintaining positive ratings and increasing price targets due to the company's growth potential and favorable market conditions [1][2]. Group 1: Analyst Ratings and Price Targets - Robert W. Baird analyst Shrenik Kothari reaffirmed a Buy rating on JFrog Ltd. and raised the price target from $70 to $78, citing strong growth and conservative guidance [1]. - Bank of America Securities also maintained a Buy rating and set a price target of $74, indicating that JFrog is expected to rebound quickly once market conditions improve [2]. Group 2: Growth Drivers - The increased adoption of AI is generating more binaries, which benefits JFrog as it is a leading tool for managing the distribution of binaries and mitigating associated risks [3]. - JFrog's Cloud revenue growth accelerated to +50% year-over-year in Q3 2025, up from +45% in Q2 2025, indicating strong demand and usage [3]. Group 3: Company Overview - JFrog Ltd. provides a supply chain platform that includes products like JFrog Artifactory, JFrog Xray, JFrog Advanced Security, and JFrog Runtime Security, serving various sectors including financial services, healthcare, technology, retail, and telecommunications [3].

Financial Data and Key Metrics Changes - In fiscal year 2025, total revenue was $531.8 million, up 24% year-over-year [7][18] - Q4 total revenues reached $145.3 million, reflecting a 25% year-over-year increase [18] - Cloud revenue for 2025 was $243.3 million, representing a 45% year-over-year growth [7][19] - Q4 cloud revenues grew to $70.2 million, up 42% year-over-year, accounting for 48% of total revenues [18][19] - Gross profit for Q4 was $121.6 million, with a gross margin of 83.7% [22] - Non-GAAP earnings per share for 2025 was $0.82, a 26% increase year-over-year [23] Business Line Data and Key Metrics Changes - Customers spending more than $100,000 annually grew to 1,168, a 15% year-over-year increase [7] - Greater than $1 million customers increased to 74, marking a 42% year-over-year growth [7] - Security Core products represented 16% of remaining performance obligation (RPO) as of December 31, 2025, compared to 12% in the prior year [21] Market Data and Key Metrics Changes - JFrog's customer count in fiscal year 2025 was approximately 6,600 [21] - The company reported a net dollar retention rate of 119%, indicating strong customer adoption [21] Company Strategy and Development Direction - JFrog aims to be the system of record for managing and securing software supply chains, particularly in the context of AI [10][29] - The company is focused on building partnerships with major cloud providers and enhancing its product offerings to meet evolving market needs [14][17] - JFrog is strategically expanding its security offerings to address the increasing threat landscape in software supply chains [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver durable growth in the cloud and security sectors [25][26] - The outlook for 2026 includes anticipated baseline cloud growth of 30%-32% and a net dollar retention rate of 117% [26] - Management acknowledged the challenges posed by a changing economic environment but emphasized a disciplined approach to spending and investment [27][68] Other Important Information - JFrog ended 2025 with $704 million in cash and short-term investments, up from $522 million at the end of 2024 [24] - The company is committed to maintaining a disciplined spending philosophy while investing in innovation [26][68] Q&A Session Summary Question: Customer count transition and focus on larger customers - Management confirmed a strategic focus on larger enterprise customers, leading to a decrease in lower ASP customers while increasing spending from larger clients [36][37] Question: Structural growth drivers from security incidents - Management acknowledged the increasing frequency of security incidents as a permanent growth driver, emphasizing the need for robust security solutions [40][42] Question: Revenue parallels from security incidents - Management indicated that potential revenue growth correlates with the number of enterprise customers adopting JFrog Security, highlighting multiple avenues for growth [46] Question: Consumption trends from AI-driven deployments - Management noted a significant increase in software artifacts and binaries due to AI, indicating a growing need for JFrog's solutions [50] Question: Governance and regulatory pressure with AI tools - Management confirmed that JFrog's AppTrust is designed to address governance challenges arising from AI and generative tools [54][55] Question: Partnerships with AI companies and new logos - Management highlighted that partnerships with NVIDIA and Hugging Face are driving new customer acquisitions and enhancing JFrog's position in the market [72] Question: Long-term revenue targets and growth acceleration - Management stated that the focus remains on delivering results for 2026, with the long-term revenue target being aspirational at this stage [82]

Financial Data and Key Metrics Changes - In fiscal year 2025, total revenue was $531.8 million, up 24% year-over-year [7][18] - Q4 total revenues reached $145.3 million, a 25% increase year-over-year [18] - Cloud revenue for 2025 was $243.3 million, representing 45% year-over-year growth [7][19] - Q4 cloud revenues grew to $70.2 million, up 42% year-over-year, accounting for 48% of total revenues [18][19] - Gross profit in Q4 was $121.6 million, with a gross margin of 83.7% [22] - Non-GAAP earnings per share for 2025 was $0.82, a 26% increase year-over-year [23] Business Line Data and Key Metrics Changes - Greater than $1 million customers grew to 74%, a 42% year-over-year increase [7] - Customers spending more than $100,000 annually increased to 1,168, a 15% year-over-year growth [7] - Security Core products represented 16% of ending remaining performance obligation (RPO), up from 12% the previous year [11][21] - Security Core revenue was 7% of total revenues for 2025, with significant growth in customer adoption [20] Market Data and Key Metrics Changes - JFrog's customer count in fiscal year 2025 was approximately 6,600 [21] - The company reported a net dollar retention rate of 119%, indicating strong customer commitment [21] - The company ended 2025 with $704 million in cash and short-term investments, compared to $522 million at the end of 2024 [24] Company Strategy and Development Direction - JFrog aims to be the foundational infrastructure for software delivery in an AI-driven world, focusing on security and governance of software supply chains [8][10] - The company is expanding its product portfolio and building partnerships with leading companies to enhance value for enterprise customers [6][7] - JFrog is committed to transitioning customers from on-premises solutions to cloud-based offerings, aligning with market trends [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the pipeline and a stabilized purchasing environment as they enter 2026 [25] - The company anticipates full-year 2026 baseline cloud growth to be in the range of 30%-32% [26] - Management highlighted the increasing threat environment as a driver for sustained customer adoption of security solutions [12][40] Other Important Information - JFrog's cash flow from operations for the full year 2025 was $145.7 million, with a free cash flow margin of 27% [24] - The company is focused on disciplined spending while investing in innovation across its platform [26] Q&A Session Summary Question: Customer count transition and focus on larger customers - Management confirmed a strategy focused on larger enterprise customers, resulting in a decrease in lower ASP customers while increasing spending from larger clients [36][37] Question: Structural growth drivers from security incidents - Management acknowledged the increasing frequency of security incidents as a structural growth driver, emphasizing the need for robust security solutions [40][42] Question: Revenue parallels from security incidents - Management indicated that potential revenue growth correlates with the number of enterprise customers adopting JFrog Security, highlighting multiple avenues for growth [45] Question: Consumption trends from AI-driven deployments - Management noted a significant increase in software artifacts and binaries due to AI-driven development, indicating a growing need for JFrog's solutions [49][50] Question: Governance and regulatory pressure in AI adoption - Management confirmed that JFrog's AppTrust is designed to address governance challenges arising from AI and automated code generation [54][55] Question: Partnerships with NVIDIA and Hugging Face - Management highlighted that partnerships with NVIDIA and Hugging Face validate JFrog's position as a secure model registry and are expected to drive new customer acquisitions [71][72]

Financial Data and Key Metrics Changes - In fiscal year 2025, total revenue was $531.8 million, up 24% year-over-year [6][19] - Q4 total revenues reached $145.3 million, a 25% increase year-over-year [19] - Cloud revenue for 2025 was $243.3 million, representing 45% year-over-year growth [6][20] - Q4 cloud revenues grew to $70.2 million, up 42% year-over-year, accounting for 48% of total revenues [19][20] - Gross profit in Q4 was $121.6 million, with a gross margin of 83.7% [24] - Non-GAAP earnings per share for 2025 was $0.82, a 26% increase year-over-year [25] Business Line Data and Key Metrics Changes - Customers spending more than $100,000 annually grew to 1,168, a 15% increase year-over-year [6] - Enterprise Plus subscriptions contributed 57% of total revenues in Q4, up from 54% in the prior year [21] - Security Core products represented 16% of remaining performance obligation (RPO) as of December 31, 2025, compared to 12% in the prior year [23] Market Data and Key Metrics Changes - JFrog's customer count in fiscal year 2025 was approximately 6,600 [23] - Net Dollar Retention for the four trailing quarters was 119%, indicating strong customer adoption [23] Company Strategy and Development Direction - JFrog aims to be the system of record for managing and securing software supply chains, particularly in the context of AI [10][18] - The company is focusing on expanding its security offerings and enhancing partnerships with major cloud providers [14][18] - JFrog is committed to quality growth and responsible investments while addressing emerging needs in the software supply chain [33] Management's Comments on Operating Environment and Future Outlook - Management noted a growing threat environment in software supply chains, which is driving demand for JFrog's security solutions [12][44] - The company anticipates continued durable growth in cloud revenue, estimating a baseline growth of 30%-32% for 2026 [28] - Management expressed confidence in the strength of the pipeline and a stabilized purchasing environment as they enter 2026 [27] Other Important Information - JFrog's cash and short-term investments totaled $704 million at the end of 2025, up from $522 million at the end of 2024 [26] - The company is focused on maintaining disciplined spending while investing in innovation across its platform [29] Q&A Session Summary Question: Customer count transition and focus on larger customers - Management confirmed a strategy focused on larger enterprise customers, resulting in a decrease in lower ASP customers while increasing spending from larger clients [39][40] Question: Structural growth drivers from security incidents - Management acknowledged the increasing frequency of security incidents as a structural growth driver, emphasizing the need for robust security solutions [43][44] Question: Revenue parallels from security incidents - Management indicated that potential revenue growth should be assessed based on the number of enterprise customers yet to adopt JFrog Security, highlighting multiple avenues for growth [48] Question: Consumption trends from AI-driven deployments - Management noted a significant increase in binaries created due to AI agents, indicating a growing need for JFrog's solutions to manage this surge [52] Question: Governance and regulatory pressure with AI adoption - Management confirmed that JFrog's AppTrust is designed to address governance challenges arising from AI and generative tools [56] Question: Partnerships with AI companies and new logos - Management highlighted that partnerships with NVIDIA and Hugging Face are driving new customer acquisitions and enhancing JFrog's position in the market [72][73] Question: Risks associated with AI - Management identified the risk of becoming distracted by trends rather than focusing on delivering value to enterprise customers as a key concern [80]

JFrog Conference Call Summary Company Overview - **Company**: JFrog (NasdaqGS:FROG) - **Founded**: 2010 - **Core Product**: Artifactory, a repository manager for binaries and open-source packages [3][4] Industry Context - **Market Opportunity**: Transition from monolithic software development to a more modular approach, necessitating better management of binaries and security [3][4] - **Shift in Software Development**: Increasing reliance on open-source packages and external binaries in software development [3][4] Key Value Proposition - **Security Integration**: Transitioning from a product-led organization to a security-focused platform with the acquisition of Vdoo, enhancing the value proposition with security features [5][50] - **Enterprise Plus Platform**: Offers additional security-related products, including AppTrust, which integrates governance into the software development lifecycle [5][50] Financial Performance and Guidance - **Revenue Growth**: Accelerating revenue growth driven by cloud consumption, security add-ons, and higher-tier adoptions [19][21] - **Guidance Philosophy**: Shifted to a more conservative guidance approach post-Q2 hiccup, focusing on commitments rather than overusage [18][19] Growth Drivers - **Cloud Migration**: Significant uplift (20%-80%) from migrating customers from self-hosted to cloud solutions [20][21] - **Security Demand**: Addition of security features has led to larger deal sizes and new customer acquisitions [21][22] - **RPO Growth**: Record visibility with RPO doubling since the end of 2023, indicating increased customer commitment [22][24] Competitive Landscape - **Main Competitors**: - **DevOps**: Sonatype (focus on security, less on DevOps), Cloudsmith (AI-focused but limited by consumption concerns) [28][30] - **Security**: Competing against point solutions like Aqua, Checkmarx, Veracode, and Black Duck [30] - **AI/ML**: Emerging competitive landscape with potential new entrants [31] Strategic Initiatives - **Platformization**: Emphasis on consolidating vendors and creating a comprehensive platform for software development [23][24] - **Security Products**: Advanced Security and Curation products are critical for addressing customer needs in software development security [50][51] Future Outlook - **AI/ML Integration**: Anticipated growth in the importance of binaries in AI/ML development, with JFrog positioned as a leader in managing these assets [56][57] - **Cash Management**: Strategic cash allocation for potential acquisitions and employee compensation adjustments [54][55] Conclusion - **Key Message for Investors**: JFrog is positioned as a leader in managing binaries, with a focus on security and the emerging AI/ML landscape, indicating strong future growth potential [57][58]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $136.9 million, representing a 26% year-over-year increase [7][23] - Operating margin improved to 18.7%, up from 13.5% in Q3 2024 [26] - Cloud revenue reached $63.4 million, a 50% increase year-over-year, accounting for 46% of total revenue compared to 39% in the prior year [24][26] - Gross profit was $114.9 million, with a gross margin of 83.9%, up from 82.8% in the year-ago period [25][26] - Net dollar retention was 118%, consistent with the prior quarter, indicating sustained growth among existing customers [9][25] Business Line Data and Key Metrics Changes - Enterprise Plus subscriptions contributed 56% of total revenues, up from 50% in the previous year, with a 39% year-over-year growth in revenue from these subscriptions [24][25] - Customers spending over $1 million annually grew to 71, a 54% increase year-over-year [8][26] - Customers spending more than $100,000 annually increased to 1,121, a 16% year-over-year growth [8] Market Data and Key Metrics Changes - The company noted strong cloud growth driven by increased usage of various software packages, including AI-related artifacts [8][10] - The demand for JFrog's security solutions has been a significant driver of cloud revenue growth [36] Company Strategy and Development Direction - JFrog aims to position itself as a foundational platform for software delivery, focusing on cloud and security solutions [7][10] - The company is embracing AI and machine learning, integrating these capabilities into its platform to enhance software supply chain management [16][22] - JFrog introduced the DevGovOps solution to address the growing need for governance and compliance in software delivery [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future growth, emphasizing the importance of security and governance in the current market landscape [15][29] - The company is prepared for ongoing macroeconomic volatility while maintaining a focus on profitable growth [28][30] Other Important Information - JFrog completed payments of $5.7 million related to the acquisition of Qwak, which was finalized in July 2024 [28] - The company ended Q3 2025 with $651.1 million in cash and short-term investments, up from $522 million at the end of 2024 [28] Q&A Session Summary Question: Was there anything one-time in the cloud revenue results? - Management confirmed that the strong cloud revenue was not due to one-time events but a combination of strong usage across multiple package types and security solutions [36] Question: What has changed in the go-to-market execution for cloud? - Management highlighted consistent execution and a strategy of converting customers with overusage to higher commitments, leading to stable cloud growth [38] Question: Can you elaborate on the types of artifacts managed by Artifactory? - Management noted an increase in the usage of AI-related artifacts alongside traditional software artifacts, indicating a growing trend [42] Question: How relevant is the UI/UX change due to AI for JFrog? - Management acknowledged the importance of adapting to AI-driven software creation and emphasized the need for agentic capabilities in their offerings [45] Question: What is the outlook for net dollar retention? - Management indicated that net dollar retention remains stable at 118%, with expectations for continued growth driven by security solutions and increased cloud usage [50] Question: How is the pipeline for security deals tracking? - Management reported a growing pipeline for security solutions, although sales cycles are longer due to the need to displace existing solutions [88]

Financial Data and Key Metrics Changes - JFrog's total revenue for Q3 2025 was $136.9 million, representing a 26% year-over-year increase [7][23] - Operating margin improved to 18.7%, up from 13.5% in Q3 2024 [26] - Cloud revenue reached $63.4 million, marking a 50% year-over-year growth and accounting for 46% of total revenues compared to 39% in the prior year [24][26] - Net dollar retention was 118%, consistent with the previous quarter, indicating sustained growth among the customer base [9][25] Business Line Data and Key Metrics Changes - Enterprise+ subscriptions contributed 56% of total revenues, up from 50% in the prior year, with a 39% year-over-year growth in revenue from these subscriptions [24][26] - Self-managed or on-prem revenues were $73.5 million, reflecting a 10% year-over-year increase [24] Market Data and Key Metrics Changes - The number of customers spending over $1 million annually grew to 71, a 54% increase year-over-year [8] - Customers spending more than $100,000 annually increased to 1,121, representing a 16% year-over-year growth [8] Company Strategy and Development Direction - JFrog is focusing on becoming a foundational platform for software delivery, emphasizing cloud growth and security solutions [7][9] - The company is positioning itself as a universal binary repository and model registry for software supply chains, particularly in the context of AI and machine learning [10][16] - JFrog's strategy includes guiding cloud customers towards higher annual commitments to foster long-term partnerships [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future growth, particularly in cloud adoption and security solutions, while acknowledging macroeconomic uncertainties [29][30] - The company anticipates continued strong demand for its security offerings due to increasing software supply chain attacks [14][15] - JFrog is preparing for the ongoing AI revolution, focusing on securing AI models and software packages [16][17] Other Important Information - JFrog completed payments of $5.7 million related to the acquisition of Qwak, which was finalized in July 2024 [28] - The company ended Q3 2025 with $651.1 million in cash and short-term investments, up from $522 million at the end of 2024 [28] Q&A Session Summary Question: Was there anything one-time in the cloud revenue results? - Management confirmed that the strong cloud revenues were not one-time but a result of strong usage across multiple package types and security solutions [36] Question: What has changed in the go-to-market execution for cloud growth? - Management highlighted consistent execution and a strategy of converting overusage customers to higher commitments as key factors for cloud growth [38] Question: Can you elaborate on the types of artifacts managed by Artifactory? - Management noted an increase in the usage of AI-related artifacts alongside traditional software artifacts, indicating a growing trend [42] Question: How relevant is the UI/UX change due to AI for JFrog? - Management acknowledged that the JFrog Fly release is designed to accommodate both developers and AI agents, reimagining the software supply chain [45] Question: What is the confidence level in closing big deals in the security pipeline? - Management indicated a growing pipeline for security solutions, with longer sales cycles due to the need for displacing existing solutions [88]

Financial Data and Key Metrics Changes - JFrog's total revenue for Q3 2025 was $136.9 million, representing a 26% year-over-year increase [5][20][27] - Operating margin improved to 18.7%, up from 13.5% in Q3 2024 [24] - Cloud revenue reached $63.4 million, marking a 50% year-over-year growth and accounting for 46% of total revenues [22][27] - Gross profit was $114.9 million, with a gross margin of 83.9%, compared to 82.8% in the previous year [23][24] - Net dollar retention was 118%, consistent with the prior quarter, indicating strong customer growth [7][23] Business Line Data and Key Metrics Changes - Cloud revenue growth was driven by increased usage of software packages and artifacts, including PyPI, Docker containers, and NPM [6][10] - Self-managed or on-prem revenues were $73.5 million, up 10% year-over-year [22] - The number of customers spending over $1 million annually grew to 71, a 54% increase from the previous year [6][23] Market Data and Key Metrics Changes - JFrog's enterprise focus led to significant wins across various verticals and geographies, including a $9 million deal with the UK Customs and Revenue Agency [11][12] - The company noted a rise in software supply chain attacks, emphasizing the need for robust security solutions [12][13] Company Strategy and Development Direction - JFrog aims to be the universal binary repository and model registry for software supply chains, focusing on AI and machine learning developments [8][15] - The company is committed to integrating security solutions into its platform, addressing the growing demand for software supply chain security [12][41] - JFrog introduced new products like JFrog Uptrust to enhance governance and compliance in software delivery [17][60] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future growth, particularly in cloud adoption and security solutions [26][30] - The company is monitoring AI-driven usage closely, believing it is still early to predict significant cloud usage growth [10][46] - JFrog's guidance for 2025 suggests sustained contributions from security products and customer commitments, with a projected revenue range of $523 million to $525 million [27][26] Other Important Information - JFrog completed payments of $5.7 million related to the acquisition of Qwak [25] - The company ended Q3 2025 with $651.1 million in cash and short-term investments, up from $522 million at the end of 2024 [25] Q&A Session Summary Question: Was there anything one-time in the cloud revenue results? - Management confirmed that the strong cloud revenues were not one-time but a result of strong usage across multiple package types and security solutions [31][32] Question: What has changed in the go-to-market execution for cloud growth? - Management highlighted consistent execution and a strategy of converting customers with overusage to higher commitments, leading to stable cloud growth [33] Question: Can you elaborate on the types of artifacts managed by Artifactory? - Management noted a growth in AI-related artifacts, including those from Hugging Face and various programming languages, indicating a trend towards using JFrog as a system of record for all packages [34][35] Question: How relevant is the UI/UX change due to AI for JFrog? - Management emphasized that JFrog Fly is designed to accommodate both developers and AI agents, reimagining the software supply chain [36][37] Question: What is the sustainability of new budgets allocated towards security? - Management indicated that there is an increasing focus on security budgets, especially in light of recent software supply chain attacks [50][52] Question: How is the pipeline for security tracking for Q4 and beyond? - Management reported a growing pipeline for security solutions, although sales cycles are longer due to the need for customers to upgrade from existing solutions [57][58]

Core Insights - JFrog has seen significant increases in institutional ownership, with 85.02% of its stock currently held by institutional investors and hedge funds [1] - Analysts have generally positive outlooks on JFrog, with multiple firms raising their target prices and maintaining "buy" or "outperform" ratings [2] - The company's recent quarterly earnings report showed a revenue increase of 23.5% year-over-year, surpassing consensus estimates [4] Institutional Holdings - Vanguard Group Inc. increased its position by 0.4%, owning 8,871,984 shares valued at $283.9 million after purchasing an additional 35,458 shares [1] - TimesSquare Capital Management LLC raised its holdings by 6.5%, now owning 3,622,911 shares valued at $115.9 million after an additional purchase of 222,635 shares [1] - AllianceBernstein L.P. significantly increased its position by 1,974.0%, owning 2,151,008 shares worth $68.8 million after acquiring 2,047,294 shares [1] Analyst Ratings - Canaccord Genuity Group raised its target price from $52.00 to $55.00, maintaining a "buy" rating [2] - KeyCorp increased its target price from $52.00 to $57.00, giving an "overweight" rating [2] - The average rating for JFrog's stock is "Moderate Buy" with a consensus target price of $53.44 [2] Stock Performance - JFrog's stock opened at $47.48, with a market cap of $5.54 billion and a PE ratio of -61.66 [3] - The stock has a 52-week range with a low of $27.00 and a high of $51.94 [3] Earnings Report - JFrog reported earnings per share (EPS) of $0.18, exceeding the consensus estimate of $0.16 by $0.02 [4] - Revenue for the quarter was $127.2 million, above the consensus estimate of $122.8 million [4] - The company has set FY 2025 guidance at 0.680-0.70 EPS and Q3 2025 guidance at 0.150-0.17 EPS [4] Insider Transactions - CRO Tali Notman sold 13,067 shares at an average price of $50.26, reducing her position by 1.94% [5] - Director Yvonne Wassenaar sold 1,372 shares at an average price of $47.94, decreasing her ownership by 4.47% [5] - Over the last ninety days, insiders sold 481,492 shares worth $23.1 million, with insiders currently owning 14.10% of the stock [5] Company Overview - JFrog Ltd. provides a hybrid software supply chain platform, including products like JFrog Artifactory and JFrog Xray, which help organizations manage and secure their software packages [7]