Shlomi Ben Haim, the Chief Executive Officer of JFrog Ltd (NASDAQ:FROG), has sold 57,550 shares of the company, according to a recent SEC filing. The shares were sold at a weighted average price of $32.32, totaling approximately $1.86 million. The transaction comes as JFrog, currently valued at $3.57 billion, demonstrates strong revenue growth of 24.45% and impressive gross profit margins of 77.98%. This transaction was conducted under a Rule 10b5-1 trading plan that Ben Haim adopted earlier this year in February. Following the sale, he retains ownership of 5,048,099 shares in the company. According to InvestingPro analysis, seven analysts have recently revised their earnings expectations upward, and the company appears undervalued based on its Fair Value assessment. Discover more insights about FROG and 1,400+ other stocks with InvestingPro's comprehensive research reports.
In other recent news, JFrog, a key player in DevOps and software supply chain management, reported robust growth in its third quarter of 2024. The company enjoyed a 23% increase in total revenues, hitting $109.1 million, with cloud revenue making a noteworthy leap of 38% year-over-year. This surge in cloud revenue now accounts for 39% of the total revenue stream. The earnings call also highlighted the successful execution of their user conference, SwampUp, and the strategic acquisition of Qwak, a move anticipated to bolster their offerings in the upcoming year. Despite a cautious outlook for large-scale migration deals, JFrog's recent developments show promising growth. Analysts, however, expressed concerns about reaching the full-year cloud growth target, estimating it might be closer to 38%. The company is also expecting solid contributions from security solutions to revenue in 2025, indicating a strategic focus on this segment.
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