Eduard Grabscheid, the Chief Financial Officer of JFrog Ltd (NASDAQ:FROG), a $3.57 billion market cap company with impressive gross profit margins of 78%, recently sold shares totaling $73,924. The transactions occurred over two days, with 834 shares sold on December 2 at an average price of $30.60, totaling $25,520. An additional 1,586 shares were sold on December 3 at an average price of $30.52, totaling $48,404. According to InvestingPro data, the stock has shown resilient performance with 24% revenue growth over the last twelve months.
The December 3 sale was executed under a Rule 10b5-1 trading plan, which Grabscheid adopted on August 16, 2024. Following these transactions, Grabscheid holds 95,674 shares in JFrog. The December 2 sale was primarily to cover tax obligations related to the vesting of Restricted Stock Units (RSUs). InvestingPro analysis reveals 7 analysts have revised their earnings upwards, with a consensus target suggesting potential upside. Get access to detailed valuation metrics and 8 additional ProTips with an InvestingPro subscription.
In other recent news, JFrog Ltd. reported a remarkable Q3 performance in 2024, marked by a 23% increase in total revenues, totaling $109.1 million. The company's cloud revenue, now representing 39% of total revenues, surged by a substantial 38% year-over-year. The earnings call also highlighted the successful user conference, SwampUp, and the strategic acquisition of Qwak, despite a cautious outlook for large-scale migration deals in the forthcoming year.
The company's customer base has also seen significant growth, with the number of customers with annual recurring revenue over $100,000 increasing to 966, and those exceeding $1 million in ARR growing 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 is projecting Q4 revenue between $113.5 million and $114.5 million, with full-year guidance set at $425.9 million to $426.9 million. Furthermore, cloud revenue growth is expected to be around 40% for the full year of 2024. However, there are concerns about achieving this target due to potential declines in self-managed subscriptions. Despite these concerns, JFrog remains optimistic about its strategic direction and the integration of new acquisitions and partnerships.
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