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Jamf Holding (JAMF)
NASDAQ:JAMF

Jamf Holding (JAMF) AI Stock Analysis

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JA

Jamf Holding

(NASDAQ:JAMF)

Rating:63Neutral
Price Target:
$11.00
▲(17.65%Upside)
Jamf Holding's strong revenue growth and strategic initiatives are positive, but are offset by persistent profitability challenges and bearish technical indicators. The company's valuation remains unattractive due to negative earnings.
Positive Factors
Operational Performance
Jamf reported solid first-quarter results that outperformed consensus estimates on most key metrics.
Product Expansion
Jamf launched two new platform solutions, Jamf for Mac and Jamf for K-12, which should help simplify procurement and remove barriers for broader platform adoption.
Strategic Acquisition
The acquisition of Identity Automation is seen as complementary and strategic, enhancing JAMF's cybersecurity portfolio.
Negative Factors
Dependence on Apple
Risks to the thesis include the company’s reliance on Apple, competition, and execution on Jamf’s expansion into the security space.
Macro Environment
JAMF's business remains constrained by macro-related challenges.

Jamf Holding (JAMF) vs. SPDR S&P 500 ETF (SPY)

Jamf Holding Business Overview & Revenue Model

Company DescriptionJamf Holding Corp. offers a cloud software platform for Apple infrastructure and security platform worldwide. Its products include Jamf Pro, an Apple ecosystem management software solution for IT environments; Jamf Now, a pay-as-you-go Apple device management software solution for small-to-medium-sized businesses; Jamf School, a software solution for educators; Jamf Data Policy, a solution to enforce acceptable usage policies to eliminate shadow IT and block risky content and manage data consumption with real-time analytics and granular reporting; and Jamf Connect that streamlines Mac authentication and identity management; and Jamf Private Access, a ZTNA solution that replaces legacy conditional access and VPN technology. The company also offers Jamf Protect, which provides protection of Mac-targeted malware and creates customized telemetry and detections that give enterprise security teams visibility into their Macs; Jamf Threat Defense, a solution to protect workers from malicious attackers; and Jamf Nation, an online community of IT and security professionals focusing on Apple in the enterprise. It sells its SaaS solutions through a subscription model, direct sales force, and online, as well as indirectly through channel partners, including Apple. The company was founded in 2002 and is headquartered in Minneapolis, Minnesota.
How the Company Makes MoneyJamf Holding Corp. generates revenue through a subscription-based model, with the majority of its income derived from recurring subscription fees for its software solutions. The company charges organizations and educational institutions for access to its platform, which allows them to manage their fleet of Apple devices. Additionally, Jamf may generate income from professional services, such as training and support, that complement its software offerings. Strategic partnerships with Apple and other technology firms also play a role in enhancing Jamf's market reach and product integration, contributing to its overall revenue generation.

Jamf Holding Earnings Call Summary

Earnings Call Date:May 06, 2025
(Q1-2025)
|
% Change Since: -17.69%|
Next Earnings Date:Aug 12, 2025
Earnings Call Sentiment Positive
The earnings call highlighted strong revenue growth, successful launches of new solutions, and a strategic acquisition, which outweighed concerns about FX impacts and seasonality issues.
Q1-2025 Updates
Positive Updates
Year-over-Year Revenue Growth
Jamf achieved a year-over-year revenue growth of 10%, exceeding the high end of their outlook for both revenue and non-GAAP operating income margin.
Growth in Security ARR
Security bookings were strong, driving 17% year-over-year growth in Security ARR to $162 million, supported by the launch of new platform solutions.
Successful Launch of New Solutions
The launch of Jamf for Mac and Jamf for K-12 in early March was successful, contributing to strong education performance and security ARR growth.
Acquisition of Identity Automation
Jamf acquired Identity Automation, gaining almost 90 employees and expanding their identity management for mobile, especially in K-12 education.
Channel Partner Program Success
Jamf's global partner program resulted in deal registration growth of nearly 50% year-over-year and more than 25% growth in new partners.
Negative Updates
Impact of FX on Operating Income
Jamf is experiencing headwinds of about $2 million to $3 million for the remainder of the year due to weakening USD and growing international expenses.
Seasonality in Identity Automation
The Identity Automation acquisition has seasonality with ARR and revenue, with higher levels in the second half of the year, affecting revenue predictability.
Company Guidance
In the first quarter of 2025, Jamf reported solid financial results, highlighted by a 10% year-over-year revenue growth and a 22% non-GAAP operating income margin, both exceeding their outlook. Total Annual Recurring Revenue (ARR) increased by 9% to $658 million, with security ARR showing a notable 17% year-over-year growth to reach $162 million. The company launched two new platform solutions—Jamf for Mac and Jamf for K-12—which contributed to strong new logo bookings and were instrumental in driving higher ARR per customer. These solutions, along with the recent acquisition of Identity Automation, a dynamic identity and access management platform, are expected to enhance Jamf's offerings, particularly in education and mobile-centric industries. For the full year, Jamf maintained its revenue guidance of $691 million to $695 million, reflecting a 10.5% growth at the midpoint, and forecasted a non-GAAP operating margin of 21%, marking a 500 basis point improvement over fiscal 2024.

Jamf Holding Financial Statement Overview

Summary
Jamf Holding shows strong revenue growth and improving cash flow generation, supported by a stable balance sheet. However, persistent net losses and negative profit margins remain key challenges.
Income Statement
65
Positive
Jamf Holding shows a solid revenue growth trajectory, with a significant increase in total revenue from $366.39 million in 2021 to $642.90 million in the TTM. Gross profit margin remains strong at 76.43% in TTM, indicating efficient cost management. However, the company consistently records negative EBIT and net income, showing challenges in achieving operational profitability. The net profit margin is -7.37% in TTM, showing improvement from previous years but still negative, highlighting profitability issues.
Balance Sheet
70
Positive
The balance sheet is stable with a debt-to-equity ratio of 0.50 in TTM, reflecting a balanced leverage position. Stockholders' equity is strong, contributing to an equity ratio of 47.03%, indicating a solid capital structure. Return on equity remains negative at -6.34% in TTM due to net losses, but the company maintains a healthy liquidity position with substantial cash and cash equivalents.
Cash Flow
72
Positive
Jamf Holding demonstrates a positive free cash flow growth rate of 77.19% in TTM, showcasing improving cash generation capabilities. The operating cash flow to net income ratio is positive at 1.05, indicating that operations are generating cash despite net losses. The free cash flow to net income ratio of 0.83 further emphasizes the company's ability to generate cash, providing a cushion for future investments and debt servicing.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue642.90M627.40M560.57M478.78M366.39M269.13M
Gross Profit491.36M486.07M434.51M359.55M276.03M208.12M
EBITDA-5.14M-22.15M-64.95M-84.04M-29.13M23.17M
Net Income-47.40M-68.45M-110.09M-141.30M-75.19M-24.08M
Balance Sheet
Total Assets1.59B1.58B1.59B1.53B1.48B1.07B
Cash, Cash Equivalents and Short-Term Investments222.35M224.68M243.58M224.34M177.15M194.87M
Total Debt370.15M369.51M367.00M364.50M362.03M0.00
Total Liabilities841.41M864.25M872.11M828.20M741.99M263.27M
Stockholders Equity747.22M715.98M717.55M701.34M738.43M811.01M
Cash Flow
Free Cash Flow39.31M22.18M33.03M82.28M55.41M48.43M
Operating Cash Flow49.61M31.19M35.96M90.00M65.17M52.80M
Investing Cash Flow-14.61M-11.80M-22.48M-34.78M-387.42M-6.88M
Financing Cash Flow-43.94M-41.60M5.32M261.00K305.53M115.96M

Jamf Holding Technical Analysis

Technical Analysis Sentiment
Negative
Last Price9.35
Price Trends
50DMA
10.61
Negative
100DMA
12.04
Negative
200DMA
13.92
Negative
Market Momentum
MACD
-0.44
Negative
RSI
39.78
Neutral
STOCH
60.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JAMF, the sentiment is Negative. The current price of 9.35 is below the 20-day moving average (MA) of 9.83, below the 50-day MA of 10.61, and below the 200-day MA of 13.92, indicating a bearish trend. The MACD of -0.44 indicates Negative momentum. The RSI at 39.78 is Neutral, neither overbought nor oversold. The STOCH value of 60.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JAMF.

Jamf Holding Risk Analysis

Jamf Holding disclosed 69 risk factors in its most recent earnings report. Jamf Holding reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

Jamf Holding Peers Comparison

Overall Rating
UnderperformOutperform
Sector (69)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
76
Outperform
$1.87B21.9530.24%1.99%3.08%34.87%
74
Outperform
$1.54B93.002.20%7.98%-40.59%
71
Outperform
$1.87B22.7712.47%1.54%3.51%18.34%
69
Neutral
¥231.71B14.677.64%2.71%9.09%8.52%
64
Neutral
$1.88B-3.09%-1.96%19.43%
63
Neutral
$1.23B-6.48%10.75%56.37%
61
Neutral
$2.02B1,179.520.27%10.46%
* Technology Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
JAMF
Jamf Holding
9.51
-7.35
-43.59%
CSGS
CSG Systems International
65.31
25.72
64.97%
FORTY
Formula Systems
127.75
56.77
79.98%
EVCM
EverCommerce
10.50
-0.44
-4.02%
NABL
N-able
8.10
-6.96
-46.22%
AVDX
AvidXchange Holdings
9.79
-2.24
-18.62%

Jamf Holding Corporate Events

Executive/Board ChangesShareholder Meetings
Jamf Holding Announces Board Changes at Annual Meeting
Neutral
Jun 12, 2025

On June 10, 2025, Jamf Holding Corp. held its Annual Meeting of Shareholders, where it was announced that Charles Guan and Virginia Gambale would no longer serve on the Board of Directors, reducing the board size from eleven to nine. Vina Leite was appointed to fill the vacancy on the Audit Committee. The meeting also included votes on three proposals, including the election of directors and the ratification of an independent accounting firm.

The most recent analyst rating on (JAMF) stock is a Hold with a $16.00 price target. To see the full list of analyst forecasts on Jamf Holding stock, see the JAMF Stock Forecast page.

Private Placements and FinancingM&A Transactions
Jamf Holding Secures $400M Loan for Acquisition
Neutral
May 27, 2025

On May 21, 2025, Jamf Holding Corp. entered into an Incremental Facility Amendment No. 1 with JPMorgan Chase Bank and other lenders, which amends their existing Credit Agreement to include a new $400 million Incremental Term Loan Facility. This facility is intended to finance the acquisition of Identity Automation Systems, LLC, repurchase convertible senior notes, and support general corporate purposes. The loan is secured by a security interest in the Loan Parties’ assets and requires quarterly amortization payments starting December 31, 2025, with the full amount due by May 3, 2029.

The most recent analyst rating on (JAMF) stock is a Hold with a $16.00 price target. To see the full list of analyst forecasts on Jamf Holding stock, see the JAMF Stock Forecast page.

Executive/Board ChangesShareholder Meetings
Jamf Holding Announces Director Departures
Neutral
Apr 29, 2025

On April 25, 2025, Jamf Holding Corp. announced that board members Virginia Gambale and Charles Guan will not stand for re-election at the upcoming annual general meeting on June 10, 2025. Both directors will serve until the meeting, and their decisions are not due to any disagreements with the company.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jun 12, 2025