JFrog price target raised to $38 from $30 at UBS

UBS raised the firm’s price target on JFrog (FROG) to $38 from $30 and keeps a Buy rating on the shares after the company posted a “solid” Q3 report with billings growth of 37%, cRPO bookings acceleration to about 28% and total RPO growth of 47% reflecting larger deal momentum. Management’s tone was still cautious and the fiscal Q4 guidance didn’t significantly change despite the Q3 outperformance, but the firm continues to like JFrog’s opportunity to expand use cases in existing customers, the analyst tells investors.