Guggenheim Raises Price Target for JFrog (NASDAQ: FROG) Amid Strong Q3 Earnings and Cloud Growth

• Guggenheim analyst Howard Ma raised JFrog (NASDAQ: FROG) price target to $125.00, implying a significant 67.50% upside from its current trading price.
• JFrog reported strong Q3 2026 results, with revenue reaching $179.20 million (up 31% year-over-year) and cloud revenue surging 60% to $101.50 million, now comprising 57% of total revenue.
• The company exceeded profit expectations with adjusted earnings of $0.32 per share, beating estimates of $0.23, and raised its full-year revenue outlook to $680.00 million–$682.00 million.

JFrog develops tools that help companies store, manage, and secure software as it moves from development to release. Howard Ma of Guggenheim raises JFrog’s price target to $125.00. With the stock at $74.62 when the target is posted, that implies about 67.50% upside.

JFrog’s third-quarter 2026 revenue reaches $179.20 million, up 31% from a year earlier and above its guidance, as highlighted by Business Wire. Cloud revenue rises 60% to $101.50 million, making up 57% of total revenue, compared with 46% a year earlier. The company points to stronger cloud use and demand for its software security products.

Profit also exceeds expectations. JFrog reports adjusted earnings of $0.32 per share, above the $0.23 estimate and up from $0.22 a year earlier, as highlighted by Zacks. Adjusted earnings exclude certain costs to show a different measure of operating performance. JFrog beats both earnings and revenue estimates for the fourth straight quarter.

JFrog raises its full-year revenue outlook to $680.00 million–$682.00 million, about 28% growth at the midpoint. CFO Ed Grabscheid says the forecast does not include customer usage above annual minimum commitments or the company’s largest potential deals, since their timing is uncertain. Those commitments set a baseline for what customers agree to spend.

Despite the higher price target and strong results, JFrog trades at $74.62, down $11.72, or 13.57%. Its 52-week range is $34.05 to $105.76, so Ma’s $125.00 target is also above the stock’s high for that period.