Jamf Analysts Find Apple As A Significant Competitive Advantage; Hail Its Growth Alongside Players Like Microsoft

  • Analysts attended the Jamf Holding Corp JAMF Nation User Conference "JNUC" 2022 in San Diego, California. 
  • Needham analyst Joshua Reilly reiterated a Buy and $35 price target.
  • His highlights included robust industry demand, Apple Inc's AAPL OS updates supporting BYOD adoption, Jamf's win alongside Microsoft Corp MSFT versus legacy UEM vendors, and its next stage of product innovation likely centered around security offerings. 
  • Additionally, the company updated its estimated TAM from $18 billion in 2020 to $35 billion today and provided customers and devices under management as of September 26, 2022. 
  • Also ReadMark Zuckerberg's Meta No Longer Among Top 10 Most-Valuable Companies: Who Overtook The Tech Giant?
  • Mizuho analyst Gregg Moskowitz cut the price target on Jamf to $30 from $33 and kept a Buy rating. 
  • Jamf highlighted a much larger total addressable market and was particularly bullish on its high-growth cybersecurity portfolio. 
  • He viewed the acquisition of mobile security vendor ZecOps as complementary.
  • The analyst expects hybrid work and school environments to continue to aid JAMF's growth. He believes JAMF's highly specialized approach to providing IT management capabilities for Apple remains a significant competitive advantage. 
  • He lowered the price target to reflect a customer and device count that appear in line to slightly below his estimates and given the recent contraction in comp multiples.
  • Price Action: JAMF shares traded higher by 0.27% at $22.82 on the last check Friday.
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