Analyst Shrenik Kothari of Robert W. Baird maintained a Buy rating on JFrog, retaining the price target of $78.00.
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Shrenik Kothari has given his Buy rating due to a combination of factors tied to JFrog’s growth outlook and risk‑reward profile. He sees Q1 and FY26 set up favorably, with achievable cloud growth targets, a history of outperformance even if beat magnitude moderates, and a model where committed cloud contracts limit downside while incremental usage, security attach, and large migrations provide upside. Valuation is viewed as reasonable relative to the company’s consistent execution and its medium‑term margin and free‑cash‑flow targets, supporting a constructive stance.
Kothari also emphasizes JFrog’s competitive moat in Artifactory and its role as an independent control plane for software binaries, which becomes more important as AI‑driven coding expands binary creation and movement. He highlights strong customer and partner feedback on the platform, early but growing traction in security (especially Curation) amid rising supply‑chain and open‑source attacks, and believes these dynamics should sustain robust cloud demand and reinforce the company’s long‑term strategic position. The price target is unchanged at $78 (prior $78).
In another report released yesterday, BTIG also maintained a Buy rating on the stock with a $60.00 price target.