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JFrog’s Strong Cloud Performance and Strategic Positioning Drive Buy Rating with 12% Upside Potential

JFrog’s Strong Cloud Performance and Strategic Positioning Drive Buy Rating with 12% Upside Potential

Koji Ikeda, an analyst from Bank of America Securities, maintained the Buy rating on JFrog (FROGResearch Report). The associated price target is $48.00.

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Koji Ikeda has given his Buy rating due to a combination of factors that highlight JFrog’s potential for long-term growth. One of the key reasons is the strong performance in Cloud overage revenue, which was consistent throughout the first quarter of 2025. This indicates a broad-based strength rather than isolated success, suggesting that JFrog could see an upside in its Cloud growth guidance if current usage trends persist. Additionally, JFrog’s position as a long-term share gainer in the $40 billion enterprise DevSecOps market further supports the Buy rating.
Another factor contributing to the Buy rating is the presence of significant migration and security deals in JFrog’s pipeline. These deals, which can reach 7-8 figures in total contract value, have the potential to drive substantial revenue growth if closed. Furthermore, JFrog’s ability to capitalize on AI-related growth, as evidenced by the increasing demand for Python, Docker, and Hugging Face packages, positions it as a beneficiary of the AI trend. This, combined with a price objective of $48, which implies a 12% upside potential, reinforces the confidence in JFrog’s growth prospects.

Ikeda covers the Technology sector, focusing on stocks such as Datadog, Blackbaud, and nCino. According to TipRanks, Ikeda has an average return of 13.1% and a 58.70% success rate on recommended stocks.

In another report released on May 12, D.A. Davidson also reiterated a Buy rating on the stock with a $45.00 price target.

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