• First-quarter revenue came in at $154 million, including $78.9 million in cloud revenue.
• For the full year, JFrog guided revenue between $628 million and $632 million.
• At least 12 firms raised their price targets on JFrog following the results.

Shares of JFrog (FROG) leaped to a five-and-a-half-year high on Friday after the company’s first-quarter results and forecast exceeded Wall Street expectations, with cloud segment growth coming into the spotlight and drawing praise from analysts.

At the time of writing, the stock was up nearly 16%.

Street Takeaway On FROG

At least 12 firms raised their price targets on JFrog following the results. KeyBanc cheered the 50% growth in the cloud unit during the first quarter (Q1) and said the results reflected continued broad-based strength, with upside driven by large enterprise customers, usage above commitments, and growing adoption of its services, TheFly reported.

Guggenheim analyst Howard Ma stated that no one was expecting Q1 cloud revenue to accelerate to 50% from 42% in Q4.

Meanwhile, Canaccord said JFrog posted “an unambiguously strong beat-and-raise in Q1” and also highlighted that cloud revenue essentially made up for 51% of total revenue, which is a first for the company, according to TheFly.

DA Davidson said the company delivered impressive results, with security adoption and cloud usage exceeding commitments for AI workloads across its customer base, which helped drive “significant cloud growth acceleration,” according to TheFly.

FROG Q1 Earnings

In Q1, revenue rose 26% to $154 million, beating the $147.9 million estimate polled by Fiscal AI. Notably, cloud revenue rose 50% to $78.9 million. The company’s adjusted earnings per share (EPS) were $0.27, ahead of the $0.22 per share estimate.

For the full year, the company guided revenue between $628 million and $632 million, with the midpoint largely in line with the $630.9 million estimate, and expects adjusted EPS in the range of $0.93 to $0.97, with the midpoint matching the $0.95 estimate.

Additionally, JFrog authorized a $300 million share buyback.

What Retail Traders Think Of FROG Stock

On Stocktwits, retail sentiment about FROG remained ‘extremely bullish’ amid a 12x surge in message volumes over the last 24 hours.

One user on the platform said they were expecting price target increases from analysts.

Another user expects the stock to hit $82.

FROG stock is down 8.7% so far this year but has gained 65% in the past 12 months.

20 out of 21 analysts covering the stock rate it a ‘Buy’ or higher; one has a ‘Hold’ rating, according to Koyfin data.

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