JFrog Ltd "Updated Thoughts - Recent Checks, Investor Feedback, IR Catchup Call"

Research evidence excerpt

JFrog Ltd "Updated Thoughts - Recent Checks, Investor Feedback, IR Catchup Call"

Global Research

23 June 2026ab

JFrog Ltd Equities

United StatesUpdated Thoughts - Recent Checks, Investor

Feedback, IR Catchup Call Software

12-month rating Buy

12m price target US$92.00Summary

Prior : US$80.00

After speaking with half a dozen checks and catching up with the company last week

we left feeling better about JFrog's cloud usage trends in Q2 and that AI token Price (23 Jun 2026) US$78.71

optimization efforts were NOT creating a headwind for JFrog revs/usage and we RIC: FROG.O BBG: FROG US

remain Buy rated on the stock. Nearly all of our checks pointed to healthy spend growth

driven by core Artifactory usage and we heard no signs that AI token optimization Trading data and key metrics

efforts were posing any usage or revs headwind to FROG. The main risk we'd flag is 52-wk range US$88.31-34.75

positioning as we've heard a clear uptick in investor sentiment on FROG over the past Market cap. US$9.87b

few months and in our most recent round of marketing we most commonly heard Shares o/s 125m (COM)

SNOW, FROG and DDOG as the top 3 infrastructure software longs, respectively. Despite Free float 78%

this we still think that JFrog is one of the best positioned in infrastructure software with a Avg. daily volume ('000) 2,637

solid demand backdrop, multiple AI tailwinds, few signs of any competitive pressure and Avg. daily value (m) US$162.1

line of sight to material upward estimate revisions (UBSe 25%/23% revs growth in Common s/h equity (12/26E) US$0.99b

FY26/27). While the current 42x CY27 FCF multiple is not cheap and positioning is a P/BV (12/26E) 10.0x

modest incremental risk, we think the narrative can continue improving and remain Net debt to EBITDA (12/26E) NM