Update: JFrog Posts Higher Q1 Profit, Revenue, Sets Guidance; Stock Declines as Analysts Cut Price Targets
01:40 PM EDT, 05/07/2021 (MT Newswires) -- (Updates with stock move in first and last paragraphs.)
JFrog (FROG) on Thursday posted an adjusted EPS of $0.02 in Q1, up from $0.01 a year earlier, and surpassing analyst estimates of $0.01 in a Capital IQ poll. Shares slumped as analysts on Friday cut their price targets.
Revenue grew 37% to $45.1 million from a year ago, ahead of the $44.82 million estimate.
For Q2, the company expects revenue of between $47.6 million and $48.6 million and an adjusted EPS of a break-even to $0.01, against the Street estimates of $0.01 for EPS on revenue of $48.14 million.
For the full year, it projects revenue of $198 million to $204 million and an adjusted operating income of $5 million to $7 million, against market consensus of $202.07 million for revenue.
Shares, which fell by 10% in after-hours trading on Thursday, extended their decline and were down more than 16% in afternoon trading on Friday. Morgan Stanley adjusted its price target on the stock to $69 from $76 and Oppenheimer revised the price target to $61 from $75. Needham adjusted its price target to $86 from $95.
Price: 35.40, Change: -6.65, Percent Change: -15.80