MINNEAPOLIS - Jamf (NASDAQ: NASDAQ:JAMF), a company specializing in Apple (NASDAQ:AAPL) device management and security, announced today the expansion of its executive team with the appointment of Andrew Smeaton as Chief Information Security Officer (CISO) and Marc Botham as Global Vice President of Channel and Alliances.
Andrew Smeaton, bringing over two decades of international information security expertise, will helm Jamf's security vision and strategy. His career spans roles as CISO at various organizations, including Afiniti and DataRobot, with a focus on aligning security initiatives with business objectives and cultivating proactive risk management. Smeaton's credentials include certifications such as CISSP, CISA, and CISM.
Marc Botham joins Jamf with a similar tenure in channel experience, most recently serving as the Head of the EMEA Channel at Docusign. Recognized for his achievements in the field, Botham will oversee the development of Jamf's global partner strategies and channel programs, aiming to bolster the company's market presence and growth.
The new appointments follow Jamf's recent accolades, including a ranking of #45 on PEOPLE Magazine's Companies that Care list and the launch of its Global Partner Program. These strategic hires are expected to enhance Jamf's position in the enterprise management space for Apple devices, a market that continues to grow as mobile device reliance increases in the business sector.
The information for this article is based on a press release statement from Jamf.
In other recent news, Jamf Holding Corp. reported a 13% year-over-year increase in Q2 revenue, reaching $23.5 million in non-GAAP operating income. The company's annual recurring revenue (ARR) also hit $621.7 million, with security ARR growing by 27% to $145 million. In light of these developments, Piper Sandler maintained its Overweight rating on Jamf, while Needham reaffirmed its Buy rating. Both firms set a price target of $25.00.
Goldman Sachs, however, initiated coverage with a Neutral rating and a 12-month price target of $21.00. Jamf also announced leadership changes, with CFO Ian Goodkind set to depart and David Rudow named as his successor. The company's Q3 2024 revenue is projected to range between $156.5 million to $158.5 million, and full-year revenue is expected to be between $622.5 million and $645.5 million. These recent developments highlight the company's ongoing commitment to growth and financial stability.
InvestingPro Insights
As Jamf (NASDAQ: JAMF) fortifies its executive team, the company's financial metrics offer a glimpse into its current market standing. Jamf's adjusted market capitalization stands at approximately $2.21 billion, reflecting its relative size and investor valuation within the technology sector. Despite a challenging P/E ratio, which is currently negative at -24.62 and projected to dip further to -31.01 in the last twelve months as of Q2 2024, the company demonstrates robust revenue growth. Jamf's revenue has grown by 14.6% over the last twelve months as of Q2 2024, with a quarterly increase of 13.27% in Q2 2024. This growth trajectory suggests an expanding market share and an increased demand for the company's Apple device management and security solutions.
InvestingPro Tips highlight the importance of revenue and profit margins when evaluating a company's performance. Jamf's gross profit margin impressively stands at 79.72%, a testament to its ability to maintain profitability amid revenue growth. This aligns with the company's strategic expansion, including the strengthening of its executive team, which may further enhance operational efficiencies and market competitiveness. Additionally, with a fair value estimate of $22.7 according to InvestingPro, there is potential upside from the previous close price of $17.27, suggesting that analysts see room for growth in Jamf's stock value.
For investors considering a deeper dive into Jamf's financials, InvestingPro offers additional insights with numerous tips to guide investment decisions. As of now, there are several additional InvestingPro Tips available, providing more nuanced analysis that can help investors understand the potential risks and rewards associated with Jamf's stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.