11:51 AM EDT, 05/10/2024 (MT Newswires) -- JFrog ( FROG ) shares were down more than 18% in recent trading Friday after Morgan Stanley cut the price target on the company's stock to $47 from $52.

The price cut comes a day after JFrog ( FROG ) reported Q1 non-GAAP earnings of $0.16 per diluted share, up from $0.06 a year earlier. Subscription revenue for the quarter ended March 31 was $100.3 million, compared with $79.8 million a year earlier.

"We view Q1 as a typical start for JFrog ( FROG ) and see better growth as 2024 progresses reflecting new software development initiatives coming back online," Morgan Stanley said in a note Friday.

JFrog's ( FROG ) cloud growth in Q1 slowed down sequentially resulting in a revenue growth of 47% year over year, compared with a 53% growth in Q4, the brokerage said. Q1 cloud revenue growth, below the consensus estimate of 48%, was a "slight disappointment," it added.

Morgan Stanley kept an overweight rating on JFrog's ( FROG ) stock.

Price: 33.16, Change: -7.46, Percent Change: -18.37