On Thursday, Canaccord Genuity updated its outlook on Jamf (NASDAQ:JAMF) Holding Corp. (NASDAQ: JAMF) shares, raising the price target to $24 from $22, while maintaining a Buy rating. The adjustment follows Jamf's recent financial guidance, which aligns with the company's three-year plan discussed at its Analyst Day.
According to the updated guidance, Jamf anticipates a year-over-year revenue growth of approximately 12% in the second quarter, which signifies a slight slowdown from the first quarter's growth rate.
The company also expects to maintain non-GAAP operating margins at around 15% for the second quarter, mirroring the first quarter's performance.
For the full year of 2024, Jamf has increased its revenue growth forecast to around 11% at the midpoint, a figure that is mostly consistent with consensus estimates prior to the announcement. The projected growth in annual recurring revenue (ARR) is set to keep pace with revenue, suggesting an ARR of $652 million for 2024.
In terms of profitability, Jamf is aiming for non-GAAP operating margins of approximately 15% for the entire year. The company also projects that unlevered free cash flow (uFCF) margins will be at a similar level by year-end. These projections imply a Rule of ~25 operating metrics for the year 2024, indicating a balance between growth and profitability.
InvestingPro Insights
InvestingPro data provides a deeper dive into Jamf Holding Corp.'s financial health as of Q1 2024, complementing Canaccord Genuity's analysis. Jamf's market capitalization stands at $2.53 billion, with a high gross profit margin of 79.77%, reflecting strong profitability on its products and services. Despite a negative P/E ratio of -22.59, which suggests investor concerns about profitability, the company's revenue has grown by 15.47% over the last twelve months, indicating solid top-line expansion.
InvestingPro Tips highlight that Jamf's revenue growth aligns with its recent financial guidance, supporting the company's positive outlook. Additionally, Jamf's fair value is estimated at $22.15, closely aligning with analyst targets, suggesting that the stock is priced near its fair value. For investors looking to delve deeper into Jamf's potential, InvestingPro offers 29 additional tips to aid in making informed decisions. Use coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription and unlock the full spectrum of insights.
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