Buy Rating Affirmed for Jamf Holding Amidst Strong Q1 Performance and Growth Prospects

Needham analyst Joshua Reilly has maintained their bullish stance on JAMF stock, giving a Buy rating today.

Joshua Reilly has given his Buy rating due to a combination of factors impacting Jamf Holding’s recent performance and future prospects. The company delivered a stronger than anticipated first-quarter performance, with an annual recurring revenue (ARR) growth of 14%, surpassing Reilly’s estimates of 10-11%. This growth is attributed to effective sales execution, as sales representatives adapted quickly to new compensation plans, overcoming initial challenges such as increased churn in January. Despite facing aggressive pricing strategies from competitors like Kandji, Jamf’s management demonstrated strong execution.
Furthermore, Reilly is optimistic about Jamf’s strategic positioning, particularly its cost-cutting strategy which is expected to lead to increasing free cash flow (FCF) margins into 2025, coupled with improved sales productivity. While acknowledging potential headwinds within the technology and K-12 educational sectors that may affect ARR growth in the second and third quarters, Reilly maintains confidence in the company’s ability to execute its strategies effectively. This outlook underpins the maintenance of a Buy rating and a $25 price target for Jamf Holding’s stock.

In another report released today, JMP Securities also maintained a Buy rating on the stock with a $30.00 price target.

Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of JAMF in relation to earlier this year.

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Jamf Holding (JAMF) Company Description:

Jamf Holding Corp is the standard in Apple Enterprise Management, and its cloud software platform is the vertically focused Apple infrastructure and security platform. The company helps organizations, including businesses, hospitals, schools and government agencies, connect, manage and protect Apple products, apps and corporate resources in the cloud without ever having to touch the devices. It sells its Software-as-a-Service, or SaaS, solutions via a subscription model, through a direct sales force, online and indirectly via its channel partners, including Apple. The company operates in The Americas; Europe, the Middle East, India, and Africa; and Asia Pacific.