Joshua Reilly, an analyst from Needham, maintained the Buy rating on Jamf Holding. The associated price target was lowered to $20.00.
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Joshua Reilly has given his Buy rating due to a combination of factors including Jamf Holding’s strategic reallocation of resources towards AI investments and a focus on the enterprise market. The company has made a decisive move to reduce its workforce by 6.4% to better allocate resources towards these strategic areas. By concentrating on the enterprise market, Jamf aims to capture a larger share of the profitable device management segment.
Furthermore, the increased investment in AI is expected to enhance productivity across the organization, both internally and in customer-facing applications. The shift away from servicing SMB clients, which has become cost-prohibitive relative to customer lifetime value, is seen as a necessary step. This reallocation is anticipated to drive automation and productivity, aligning with the company’s long-term growth objectives.
In another report released yesterday, Mizuho Securities also downgraded the stock to a Buy with a $13.00 price target.
Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of JAMF in relation to earlier this year.