Mizuho maintains an Outperform rating on shares of Jamf Holding By Investing.com
Mizuho reiterated an Outperform rating on Jamf (NASDAQ:) Holding Corp (NASDAQ:JAMF) with a firm target price of $20.00. The company's confidence in Jamf comes from its leading role in Apple's (NASDAQ:) device management.
At Jamf's annual user conference in Nashville, the company introduced its AI Assistant, which will launch in early 2025, along with several product enhancements such as Blueprints, Self Service+, and Compliance Benchmarks.
The conference also provided an opportunity for customer and partner interaction, which highlighted Jamf's dominance over competitors often lacking in performance. Despite the current macroeconomic challenges affecting Jamf's business, Mizuho believes the company has an unrivaled competitive position in the field of IT management and security for Apple devices.
Mizuho noted that while broader market conditions have been challenging, Jamf is expected to face manageable comparisons in the coming months. Additionally, the company stated that Jamf's trading value is attractive, with a calendar year 2025 business value weighted to annualized recurring revenue (EV/ARR) of less than three times.
In other recent news, Jamf Holding reported a 13% year-over-year increase in Q2 revenue, reaching $23.5 million in non-GAAP operating income and $621.7 million in annual recurring revenue.
The company's securities ARR also grew by 27% to $145 million. In Q3 2024, Jamf project revenue ranges between $156.5 million and $158.5 million, and full-year revenue is between $622.5 million and $645.5 million.
In recent events, Jamf introduced new management tools for Apple at its 15th annual Jamf Nation User Conference. These tools include Broadcast Device Management and a redesigned Self Service application, which consolidates Jamf's various functions into a single application portal. The company also unveiled Compliance Benchmarks on Jamf Pro and showcased its AI Assistant, which is set for a beta release in 2025.
The company announced key changes with Andrew Smeaton appointed as Chief Information Security Officer, and Marc Botham serving as Global Vice President of Channels and Organizations. David Rudow will take over as Chief Financial Officer following Ian Goodkind's decision to leave the company.
InvestingPro Insights
Jamf Holding Corp's financial metrics and market conditions provide more context to Mizuho's optimistic outlook. According to InvestingPro data, Jamf's revenue growth stands at 14.6% over the past twelve months from Q2 2024, and a solid gross margin of 79.72%. These statistics underscore the company's ability to maintain strong sales momentum and profitability in its niche market.
The InvestingPro tip highlights that Jamf's revenue growth has been consistent, consistent with Mizuho's view of the company's dominant position in Apple's device management. This consensus is particularly noteworthy given the macroeconomic challenges discussed in the article.
Another relevant InvestingPro tip indicates that analysts have recently revised their earnings expectations higher for Jamf. This positive sentiment matches Mizuho's confidence in the company's future performance, especially with the upcoming launch of the AI Assistant and other product enhancements.
It is worth noting that InvestingPro offers 13 additional recommendations for Jamf, providing investors with a comprehensive analysis of the company's prospects.
InvestingPro Fair Value for Jamf is estimated at $21.62, which is higher than the current price and close to Mizuho's target of $20.00. This suggests potential upside for the stock, supporting the Outperform rating discussed in the article.
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