TLDR
- TD Cowen named JFrog a top software pick after attending its New York City customer conference, citing strong demand for security and governance products.
- Customer conversations were bullish, with long-term clients reporting increased usage driven by AI workloads.
- JFrog beat Q2 earnings estimates, posting EPS of $0.27 vs. the $0.24 consensus, with revenue up 28.7% year over year to $163.77 million.
- 22 analysts have Buy ratings on FROG, with a consensus price target of $107.14; the stock recently traded at $86.73.
- JFrog launched new AppTrust capabilities and the JFrog Traffic Controller, a network-level package security solution.
TD Cowen kept JFrog as one of its top software picks after attending the company’s customer conference in New York City. Analyst conversations with clients came back bullish across the board.
A mega-cap tech company that has been a JFrog customer for over 10 years reported that usage has gone up because of AI. That same customer spends seven figures annually and wants to expand into more security products, including Curation.
A large-cap internet company also spending seven figures said its JFrog budget has not been cut. It migrated to the cloud two years ago and has used Curation for about a year, replacing an internal solution. The customer said npm package attacks drove demand for the product.
A large-cap insurance company, also a 10-plus year customer, said usage and spending are both up, though AI in production is still limited. A large-cap oil and gas firm is using Advanced Security and is looking at adding Curation.
TD Cowen said JFrog’s security products are still early in adoption, which it sees as a runway for future growth.
Recent Product Launches
JFrog launched new AppTrust capabilities focused on DevGovOps, designed to help enterprises building AI factories deal with governance challenges. The features target compliance with the ECB AI Cyber Directive, EU Cyber Resilience Act, NIST SSDF, and FedRAMP.
The company also launched JFrog Traffic Controller, a new network-level package security solution aimed at stopping threats before they enter the software supply chain.
Earnings and Analyst Ratings
JFrog reported Q2 EPS of $0.27, beating the $0.24 consensus estimate by $0.03. Revenue came in at $163.77 million, up 28.7% year over year and above the $155.63 million analyst estimate.
The company set Q3 2026 EPS guidance at $0.22 to $0.24 and full-year guidance at $0.96 to $1.00.
FROG stock recently traded at $86.73, with a 52-week range of $34.05 to $105.76 and a market cap of $10.69 billion.
Among analysts, 22 have Buy ratings, one has a Hold, and one has a Sell. The average price target sits at $107.14. UBS raised its target to $120, JPMorgan moved to $115, and Needham reiterated a $115 target on September 3rd.
Institutional investors own 85.02% of FROG. Light Street Capital trimmed its stake by 10.5% in Q2 but still holds 514,500 units worth around $46.8 million, making it the fund’s seventh-largest position.
On the insider side, CEO Shlomi Ben Haim sold 65,999 units at $90.03 in late June under a pre-arranged 10b5-1 plan. CTO Yoav Landman sold 249,300 units at $100.72 in late August. Total insider sales over the past three months reached $84.3 million.
Morgan Stanley set a $100 price target on the stock on August 7th.
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