Mizuho cuts Jamf stock price target to $18, maintains outperform

On Friday, Mizuho (NYSE:MFG) Securities adjusted its outlook on Jamf Holding Corp. (NASDAQ:JAMF) shares, reducing the price target to $18 from the previous $20, while still maintaining an Outperform rating on the company’s stock. Currently trading at $14.73, InvestingPro analysis suggests the stock is undervalued, with analyst targets ranging from $16 to $27. This adjustment comes after Jamf reported annual recurring revenue (ARR) growth of 10% year-over-year to $646 million, which fell slightly short of the $650 million anticipated by analysts.

Jamf’s recent financial results revealed a mixed performance, with the company’s key metrics experiencing some impact due to a minor internal data reconfiguration. While revenue grew 11.92% in the last twelve months with an impressive 79.47% gross profit margin, the first-quarter guidance came in below expectations. The full-year 2025 projections suggested an 8% growth rate, which is notably less than the 12% analysts had been expecting.

Despite the lower-than-anticipated guidance, Jamf’s management team conveyed a sense of optimism regarding the macro environment. They highlighted potential positive shifts in the education and technology sectors, which could signal an upturn for the company. InvestingPro analysis, which includes over 30 additional insights and metrics, rates Jamf’s overall Financial Health as ’Fair’ with a score of 2.14. This optimism is set against the backdrop of a quarter that was complicated by the internal data adjustments and a guidance that did not meet analysts’ predictions.

Mizuho’s analysts emphasized Jamf’s strong competitive position in the market, particularly in providing IT management and security solutions for Apple (NASDAQ:AAPL) devices. They noted that the company is currently trading at an attractive 2.3 times its calendar year 2026 estimated enterprise value to annual recurring revenue (EV/ARR).

Despite the challenges faced in the recent quarter and the adjustment to future expectations, Mizuho stands by its Outperform rating for Jamf stock. The firm’s analysts have adjusted their price target to reflect the revised estimates, setting it at $18, down from the previous target of $20.

In other recent news, Jamf Holding Corp. reported mixed financial results for the fourth quarter of 2024. The company achieved a non-GAAP EPS of $0.17, surpassing the consensus estimate of $0.15, and reported a non-GAAP operating income of $29.7 million, exceeding expectations. However, while total revenue reached approximately $163.0 million, marking an 8% year-over-year growth, this was a deceleration from the previous quarter’s 12% growth. Jamf’s guidance for the first quarter of 2025 forecasts revenue between $165.5 million and $167.5 million, slightly below the consensus estimate of $168.0 million.

JMP Securities adjusted Jamf’s price target to $27.00 from $30.00 but maintained a Market Outperform rating. Meanwhile, JPMorgan initiated coverage with an Overweight rating and a price target of $20.00, citing Jamf’s strong positioning in the enterprise market despite recent growth deceleration. In another development, Jamf announced that its Jamf Pro and Jamf School products have achieved StateRAMP Authorized status, highlighting the company’s commitment to high-security compliance. This certification indicates that Jamf’s products meet stringent security controls required for state and local governments and educational institutions.

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