ARK Investment Management LLC Cuts Holdings in JFrog Ltd. (NASDAQ:FROG)

ARK Investment Management LLC cut its holdings in JFrog Ltd. (NASDAQ:FROG) by 10.8% during the second quarter, Holdings Channel reports. The institutional investor owned 57,250 shares of the company’s stock after selling 6,948 shares during the quarter. ARK Investment Management LLC’s holdings in JFrog were worth $2,150,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new position in JFrog during the fourth quarter worth about $2,983,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in JFrog by 39.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,805 shares of the company’s stock valued at $582,000 after purchasing an additional 4,755 shares in the last quarter. State of New Jersey Common Pension Fund D increased its stake in JFrog by 5.4% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 92,857 shares of the company’s stock valued at $3,214,000 after purchasing an additional 4,730 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of JFrog by 16.9% in the fourth quarter. Van ECK Associates Corp now owns 29,580 shares of the company’s stock worth $1,024,000 after acquiring an additional 4,277 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of JFrog in the fourth quarter valued at $684,000. 85.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. UBS Group decreased their price target on shares of JFrog from $41.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Morgan Stanley lowered their target price on shares of JFrog from $47.00 to $33.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Needham & Company LLC reissued a “buy” rating and issued a $45.00 price objective on shares of JFrog in a research report on Tuesday, June 25th. Robert W. Baird started coverage on JFrog in a report on Tuesday. They set an “outperform” rating and a $32.00 target price on the stock. Finally, Bank of America decreased their price target on JFrog from $54.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Three analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $37.67.

JFrog Stock Performance

Shares of FROG stock traded up $0.66 during trading hours on Tuesday, hitting $27.26. 1,416,931 shares of the company were exchanged, compared to its average volume of 1,263,815. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of -58.47 and a beta of 0.96. JFrog Ltd. has a one year low of $21.38 and a one year high of $48.81. The business’s 50-day simple moving average is $33.64 and its two-hundred day simple moving average is $37.25.

Insider Activity at JFrog

In other news, CTO Yoav Landman sold 2,250 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $35.28, for a total value of $79,380.00. Following the transaction, the chief technology officer now directly owns 6,744,892 shares in the company, valued at approximately $237,959,789.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other JFrog news, CEO Ben Haim Shlomi sold 57,550 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $32.32, for a total value of $1,860,016.00. Following the sale, the chief executive officer now owns 5,048,099 shares in the company, valued at $163,154,559.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Yoav Landman sold 2,250 shares of JFrog stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $35.28, for a total value of $79,380.00. Following the sale, the chief technology officer now directly owns 6,744,892 shares in the company, valued at approximately $237,959,789.76. The disclosure for this sale can be found here. Insiders sold a total of 252,107 shares of company stock valued at $8,754,487 over the last three months. 15.70% of the stock is owned by insiders.

JFrog Company Profile

JFrog Ltd. provides end-to-end hybrid software supply chain platform in the United States, Israel, India, and internationally. The company offers JFrog Artifactory, a package repository that allows teams and organizations to store, update, and manage their software packages; JFrog Curation that functions as a guardian outside the software development pipeline, controlling the admission of packages into an organization, primarily from open source or public repositories; JFrog Xray, which scans JFrog Artifactory to secure all software packages; JFrog Advanced Security, an optional add-on for select JFrog subscriptions; and JFrog Distribution that provides software package distribution.