JFROG LTD: Expanding Platform Reach w/ Claude Plugin

Research evidence excerpt

JFROG LTD: Expanding Platform Reach w/ Claude Plugin

Equity Research

U.S. Software

10 June 2026

JFROG LTD

Expanding Platform Reach w/

Claude Plugin

We think this plugin reinforces JFrog’s role as a control layer FROG OVERWEIGHT

in AI-driven development and expect it to drive incremental Unchanged

adoption and growth opportunities, particularly as products U.S. Software UnchangedPOSITIVE

like JFrog Fly expand reach into SMB and AI-native workflows. Price Target USD 88.00

raised 17% from USD 75.00

What happened? JFrog and Anthropic (private, not covered) announced a new plugin for Price (09-Jun-26) USD 81.26

Claude Code that enables JFrog's governance and security capabilities for AI coding agents. The Potential Upside/Downside +8.3%

Source: Bloomberg, Barclays Research

integration provides developers with "supply-chain-aware agents" that can securely manage,

scan, and create artifacts used in development workflows. Enterprises have expressed growing

concerns that AI agents can introduce vulnerabilities, malicious packages, or ungoverned Market Cap (USD mn) 9842

assets, which this plugin would look to mitigate. We view this plugin as another proof point that Shares Outstanding (mn) 121.12

JFrog is becoming a critical control layer for AI-driven software development. We see scope for a Free Float (%) 87.56

higher multiple as JFrog’s strategic positioning strengthens, driving incremental adoption 52 Wk Avg Daily Volume (mn) 2.1

opportunities. We maintain our Overweight rating and increase our price target to $88 (prior: Dividend Yield (%) N/A

$75) reflecting this in a ~15x EV/CY27E sales multiple (prior: ~13x EV/CY27E sales) to our CY27 rev. Return on Equity TTM (%) -7.14

estimate of ~$709 mil (unchanged). Current BVPS (USD) 7.63

Source: Bloomberg