What happened
According to an SEC filing dated February 17, 2026, Anatole Investment Management Ltd established a new position in JFrog (FROG 6.76%), acquiring 1,385,795 shares during the fourth quarter of 2025. The estimated transaction value is approximately $86.56 million, calculated using the average price for the quarter. The quarter-end value of the stake, including price changes, also stands at $86.56 million.
What else to know
This new position represents 14.43% of Anatole’s 13F reportable AUM as of December 31, 2025.
Top holdings after the filing:
- NYSE:CIEN: $117.31 million (19.6% of AUM)
- NASDAQ:GOOGL: $110.06 million (18.4% of AUM)
- NASDAQ:PDD: $94.96 million (15.8% of AUM)
- NASDAQ:FROG: $86.56 million (14.4% of AUM)
- NASDAQ:SNDK: $63.73 million (10.6% of AUM)
As of February 17, 2026, JFrog shares were priced at $47.57, up 13.2% over the past year, outperforming the S&P 500 by 7.61 percentage points.
Company/ETF overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $531.84 million |
| Net income (TTM) | ($71.82 million) |
| Price (as of market close February 17, 2026) | $47.57 |
| One-year price change | 13.2% |
Company/ETF snapshot
- JFrog delivers a DevOps platform, including Artifactory, Pipelines, Xray, and Distribution, supporting software package management, CI/CD automation, and security scanning.
- The company generates revenue primarily through subscription-based software licenses and enterprise support services for its platform.
- Main customers include organizations in technology, financial services, retail, healthcare, and telecommunications sectors.
JFrog operates at scale within the software development lifecycle sector, providing a comprehensive platform for managing, securing, and distributing software releases. Its strategy emphasizes automation, integration, and security, which position the company as a key enabler of enterprise DevOps transformation.
The company’s competitive advantage stems from its robust product suite and deep integration capabilities across diverse software environments.
What this transaction means for investors
The purchase of JFrog shares in the fourth quarter by Hong Kong-based Anatole Investment Management is noteworthy for a few reasons. This is a new position, and it was of substantial size that JFrog catapulted to the fund’s fourth largest holding. The action suggests Anatole is bullish on JFrog stock.
Anatole’s buy in Q4 of 2025 makes sense since JFrog’s business is doing well, but the timing was a bit off. JFrog shares dropped a whopping 38% in 2026 through Feb. 27, as Wall Street became spooked by artificial intelligence’s potential to make JFrog’s software irrelevant.
Wall Street’s reaction appears overblown. While AI is poised to be a major technological force for years to come, it’s unlikely to unseat JFrog’s importance to its customers. The company’s platform plays a key role in the software development process, and in fact, engineers are joining forces with AI to facilitate faster release of software, rather than replacing JFrog.
This can be seen in JFrog’s business results. In 2025, revenue rose a strong 24% year over year to $531.8 million. As a result, the stock’s fall from Wall Street’s grace creates a buy opportunity for investors willing to hold shares for the long run.
