SUNNYVALE, CA—Simon Frederic, a director at JFrog Ltd (NASDAQ:FROG), recently sold a significant number of shares in the company, according to a filing with the Securities and Exchange Commission. On December 10, Frederic disposed of a total of 34,000 ordinary shares, resulting in proceeds of approximately $1.07 million. The shares were sold in multiple transactions, with prices ranging from $30.45 to $31.10 per share. The software company, currently valued at $3.39 billion, maintains impressive gross profit margins of 78% and has demonstrated strong revenue growth of 24% over the last twelve months.
Following these transactions, Frederic retains ownership of 4,479,432 shares in JFrog, maintaining a substantial stake in the software company. The sales were executed directly, indicating a personal decision to reduce his holdings.
JFrog Ltd, known for its software solutions, continues to be a key player in the technology sector. The recent share sales by a board member might attract investor attention as they assess the implications for the company's future.
In other recent news, JFrog Ltd. reported a 23% increase in total revenues reaching $109.1 million for the third quarter of 2024, with a significant 38% surge in cloud revenue, now making up 39% of total revenues. The company also highlighted the successful user conference, SwampUp, and the strategic acquisition of Qwak. However, JFrog expressed caution about large-scale migration deals in the upcoming year. In terms of customer growth, the number of customers with annual recurring revenue over $100,000 increased to 966, and those exceeding $1 million in ARR grew by 53% to 46. The company's gross margin remained strong at 82.8%, with an operating profit of $14.7 million. Looking ahead, JFrog anticipates Q4 revenues to be between $113.5 million and $114.5 million, with full-year guidance set at $425.9 million to $426.9 million. The company expects a solid contribution from security solutions to revenue in 2025 despite a cautious outlook.
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