JFrog Ltd. (NASDAQ:FROG) shares are tumbling Thursday after the company posted worse-than-expected second-quarter revenue results after Wednesday's closing bell. Here's a look at the details from the report.
The Details:
JFrog reported quarterly earnings of 15 cents per share on sales of $103.04 million which slightly missed the consensus estimate of $103.58 million for the quarter.
The company also issued third-quarter and full-year guidance below analyst estimates:
- JFrog sees Q3 earnings per share between 9 cents and 11 cents, versus the 14 cent estimate.
- Q3 revenue in a range of $105 million to $106 million, below the $107.9 million estimate
- Full-year earnings per share between 54 cents and 56 cents, versus the 60 cent estimate
- Full-year revenue in a range of $422 million to $424 million, below the $428.27 million consensus estimate
Multiple analysts updated coverage on the stock following the print:
- Oppenheimer analyst Ittai Kidron downgraded JFrog from Outperform to Perform.
- Canaccord Genuity maintained its Buy rating , but lowered the price target from $48 to $38.
- Truist Securities analyst Miller Jump maintained a Buy rating and lowered the price target from $50 to $30.
- Piper Sandler maintained its Neutral rating and lowered the price target from $40 to $32.
- Morgan Stanley analyst Sanjit Singh maintained JFrog with an Overweight and lowered the price target from $47 to $33.
- UBS maintained the stock with a Buy rating and lowered the price target from $41 to $30.
Will FROG Stock Go Up?
When trying to assess whether or not JFrog will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $41.69 on JFrog. The Street high target is currently at $50 and the Street low target is $30. Of all the analysts covering JFrog, 11 have positive ratings, 2 have neutral ratings and no one has negative ratings.
In the last month, 6 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering JFrog have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. JFrog is 28.4% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about JFrog, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
FROG Price Action: According to Benzinga Pro, JFrog shares are down 31.6% at $23.29 at the time of publication Thursday.
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