Jamf Stands Out With Strong Value Proposition, Analyst Says After Management Meeting

  • Mizuho analyst Gregg Moskowitz reiterated a Buy rating on Jamf Holding Corp JAMF with a $28 price target.
  • Moskowitz recently hosted virtual investor meetings with CEO Dean Hager, CFO Ian Goodkind, and VP of IR Jennifer Gaumond. 
  • Throughout the discussions, management highlighted its strong value proposition. 
  • The management indicated that it expects the recent moderation in per-user growth to persist through 1H23 but is hopeful that it can improve after that. 
  • Meanwhile, management encouragingly noted during the discussion that it expects to achieve its internal QBR onboarding targets by year-end, which the analyst believes should begin to benefit JAMF in 2H23.
  • Management also spoke very favorably about its cybersecurity products, notably Jamf Connect and Jamf Protect. 
  • Jamf also reiterated that JAMF had amassed 12,500 customers leveraging at least one management solution in tandem with its security offerings. 
  • Security grew by 50% Y/Y in 3Q and surpassed $90 million in ARR. 
  • JAMF also signed seven six-figure transactions in Q3 that included at least one security product. 
  • Meanwhile, on the topic of bundling, the analyst expects JAMF will look to aggressively sell the full Jamf suite in 2023, both to new and existing customers upon renewal.
  • Jamf anticipates good demand for its new Safe Internet product and expressed bullishness for the recently acquired ZecOps. 
  • Also, following a challenging Q3, onboarding for quota-bearing reps at JAMF appears to be on firmer ground. 
  • Despite recent choppy execution amid a challenging macro backdrop, Moskowitz expects hybrid work and school environments to continue to aid JAMF's growth.
  • The analyst believes JAMF's highly specialized approach to providing IT management capabilities for Apple Inc AAPL remains a significant competitive advantage.
  • Price Action: JAMF shares traded lower by 4.68% at $21.77 on the last check Monday.
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