GitLab, JFrog initiated at Overweight on rising importance of DevOps: KeyBanc

seekingalpha03-19

GitLab (NASDAQ:GTLB) and JFrog (NASDAQ:FROG) both received Overweight ratings by KeyBanc Capital Markets as the firm initiated coverage on the DevOps companies, as software development becomes more ...

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It also initiated coverage on peers Atlassian Corporation (NASDAQ:TEAM) and HashiCorp (NASDAQ:HCP), giving both Sector Weight ratings. KeyBanc indicates that in the current market, nearly every company needs to become a software company \"to effectively compete and meet increasingly demanding customer needs.\" The processes and tools offered by DevOps, particularly with the rise of generative artificial intelligence, is making software development faster and more accessible. This makes DevOps a critical sub-sector and \"must-own category for software investors,\" according to KeyBanc's Jason Celino and others in a report.  GitLab's AI advantage AI-assisted tools \"have the potential to democratize and further accelerate software development,\" KeyBanc notes. GitLab reported that 65% of its GitHub co-pilot users saw improvements in productivity, and 67% of developers plan to utilize AI for creating software. Well-positioned in the DevSecOps vendor space, KeyBanc is confident GitLab can produce mid-20% to 30% growth, and sets a price target of $70 on the stock. GitLab shares were mostly flat Tuesday. It is rated a BUY from both Seeking Alpha and Wall Street analysts, while Seeking Alpha's quant system rates it a HOLD. JFrog's leaping opportunity Based on JFrog's software supply chain consolidation and its product offerings, the company also has a chance to generate sustained growth of 20% or higher in the years ahead. \"With signs of stabilizing/improving consumption, return of more migration activity and encouraging progress in security, we see catalysts that could support mid-20% growth in 2024 and 2025,\" Celino said. KeyBanc set a price target of $52 on JFrog. It was down about 1% during Tuesday trading. The stock has a BUY rating from both Seeking Alpha and Wall Street analysts. However, it is rated HOLD from Seeking Alpha's quant system. Atlassian finds success through collaboration \"We are positive on Atlassian's dominance in the developer collaboration market with Jira Software and Confluence and opportunity to drive healthy growth long-term on the back of a large data center to cloud migration opportunity and success in newer markets,\" KeyBanc noted. Atlassian was down 1% during late morning trading Tuesday. Analysts are mostly bullish on the company, it has a HOLD rating from Seeking Alpha analysts, but a BUY from Wall Street analysts and a STRONG BUY from Seeking Alpha's quant system. HashiCorp improves monetization \"Despite signs of early cloud improvement, we acknowledge that the Company is 'not out of the woods yet' and view the Company’s path back to 20% growth 'sometime' in FY26 with a lower degree of confidence,\" KeyBanc finds. However, HashiCorp has improved monetization through innovations such as Terraform stacks, which simplify provisioning and managing resources at scale, reducing the time and overhead of managing infrastructure. HashiCorp slipped about 1% during Tuesday trading. The stock has a BUY rating from both Seeking Alpha and Wall Street analysts, while Seeking Alpha's quant system rates it a HOLD.  More on JFrog, GitLab, etc.  GitLab Presents A Great Buying Opportunity Post Earnings Sell-Off (Rating Upgrade) Atlassian: No Catalysts For Appreciation This Year (Rating Downgrade) Atlassian Corporation (TEAM) Presents at Morgan Stanley Technology, Media & Telecom Conference (Transcript) Biggest stock movers today: NVDA, GOOG, FOUR and more HashiCorp may be worth $32-$40 a share in a potential sale - analyst","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2420271186"}