JPMorgan Chase & Co. has reiterated its neutral rating on shares of Jamf (NASDAQ: JAMF) in a report issued on Monday. The investment bank has raised its price target for the stock from $12.00 to $13.00, reflecting a cautious optimism regarding the company’s performance.
Several other analysts have also recently reassessed their positions on Jamf. Wall Street Zen downgraded the company from a “buy” to a “hold” rating on October 25, 2023. Meanwhile, Bank of America reduced its target price from $15.00 to $12.00 and issued a neutral rating on July 16, 2023. Similarly, Morgan Stanley lowered its target from $14.00 to $10.00, assigning an “equal weight” rating on September 2, 2023. Barclays echoed this sentiment, also reducing its target price to $10.00 on July 21, 2023. Furthermore, Piper Sandler downgraded the stock from “overweight” to “hold” with a target price of $13.05 on October 29, 2023.
Quarterly Earnings and Insider Activity
Jamf’s most recent quarterly earnings report, released on August 7, 2023, showed an earnings per share (EPS) of $0.18, exceeding analysts’ estimates of $0.17 by $0.01. The company reported revenue of $176.50 million, surpassing the consensus estimate of $168.58 million. Despite this growth, Jamf recorded a negative net margin of 7.36%, although it achieved a positive return on equity of 3.02%. Over the past year, the company has seen its revenue increase by 15.4%. Analysts predict that Jamf will post an EPS of $0.05 for the current year.
In addition to the earnings report, insider trading activity has drawn attention. On October 16, 2023, insider Linh Lam sold 3,210 shares at an average price of $9.95, totaling $31,939.50. After the sale, Lam held 250,308 shares valued at approximately $2,490,564.60, marking a 1.27% decrease in their position. The following day, CEO John Strosahl sold 43,650 shares at an average price of $9.88, amounting to $431,262.00. Post-sale, Strosahl owned about 1,480,451 shares valued at around $14,626,855.88, reflecting a 2.86% decrease in ownership. These transactions were disclosed in filings with the Securities and Exchange Commission.
Institutional Investor Movements
Institutional investors continue to play a significant role in Jamf’s stock dynamics. Recently, Allianz Asset Management GmbH increased its stake by 1.9% in the second quarter, now holding 77,702 shares valued at $739,000. Engineers Gate Manager LP boosted its position by 1.3%, acquiring 123,614 shares worth $1,176,000. Fox Run Management L.L.C. also increased its stake by 6.7%, now owning 29,541 shares valued at $281,000.
Other notable increases include Versor Investments LP, which raised its stake by 19.8% in the first quarter, bringing its total to 12,100 shares valued at $147,000. Rhumbline Advisers also grew its holdings by 2.2%, now owning 116,785 shares worth $1,419,000. Institutional investors now control 93.81% of Jamf’s stock, reflecting strong confidence in the company’s future.
Jamf Holding Corp. specializes in cloud software solutions for Apple infrastructure and security. Its product offerings include Jamf Pro, Jamf Now, Jamf School, and Jamf Connect, catering to various sectors across the Americas, Europe, the Middle East, India, and Africa.
