Buy Rating Affirmed for Jamf Holding Despite Mixed Q4 Results and Cautious 2025 Guidance

William Blair analyst Jake Roberge has reiterated their bullish stance on JAMF stock, giving a Buy rating today.

Jake Roberge has given his Buy rating due to a combination of factors, despite Jamf Holding’s mixed fourth-quarter results. The company managed to surpass consensus estimates in most key metrics, although its initial 2025 guidance was lower than expected. This cautious outlook is attributed to a new CFO’s prudent guidance approach, macroeconomic uncertainties, and a recalibration of the company’s ARR metric following system updates, which introduced a $5 million headwind. However, this recalibration did not affect other GAAP metrics, and the valuation remains attractive.
Roberge also noted positive developments in Jamf’s market positioning, particularly in the mobile device sector, where the company has seen robust adoption across various industries such as travel, manufacturing, and education. The acquisition of Workspace ONE has also bolstered Jamf’s competitive edge, leading to higher win rates. Despite a challenging macro environment, early signs of recovery in the tech and education sectors provide additional optimism for Jamf’s growth potential. These factors collectively support the Buy rating.

In another report released today, JMP Securities also maintained a Buy rating on the stock with a $27.00 price target.