MongoDB (NASDAQ:MDB) Given New $460.00 Price Target at Monness Crespi & Hardt

Key Points

• Monness Crespi & Hardt raised MongoDB’s price target to $460 from $415 and maintained a “buy” rating, implying roughly 3% upside. Analysts overall have a “Moderate Buy” consensus rating with an average target of $458.65.
• MongoDB reported quarterly revenue of $687.62 million, up 25.2% year over year and above estimates, while earnings per share of $1.32 topped expectations of $1.19. Despite the results, the company posted a negative net margin of 1.12%.
• Insiders sold 124,746 shares worth approximately $49 million over the past three months, while institutional investors own 89.29% of the stock. Shares opened at $446.62, near the company’s 12-month high of $473.10.

MongoDB (NASDAQ:MDB - Get Free Report) had its target price upped by equities research analysts at Monness Crespi & Hardt from $415.00 to $460.00 in a research note issued to investors on Monday. The firm currently has a "buy" rating on the stock. Monness Crespi & Hardt's price objective would suggest a potential upside of 3.00% from the stock's current price.

A number of other brokerages have also issued reports on MDB. Stifel Nicolaus set a $475.00 price objective on shares of MongoDB in a report on Tuesday, August 18th. KGI Securities assumed coverage on shares of MongoDB in a research note on Wednesday, July 8th. They set an "outperform" rating and a $470.00 target price for the company. Cantor Fitzgerald lifted their target price on MongoDB from $416.00 to $540.00 and gave the stock an "overweight" rating in a report on Monday. Barclays upped their price target on MongoDB from $387.00 to $460.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, Zacks Research raised shares of MongoDB from a "strong sell" rating to a "hold" rating in a research report on Friday, May 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $458.65.

MongoDB Stock Performance

Shares of NASDAQ MDB opened at $446.62 on Monday. The company has a market cap of $35.92 billion, a price-to-earnings ratio of -1,207.08, a PEG ratio of 3,172.71 and a beta of 1.55. The stock has a 50-day moving average price of $364.96 and a two-hundred day moving average price of $321.24. MongoDB has a 12 month low of $215.68 and a 12 month high of $473.10.

MongoDB (NASDAQ:MDB - Get Free Report) last issued its earnings results on Thursday, May 28th. The company reported $1.32 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.13. MongoDB had a negative net margin of 1.12% and a negative return on equity of 1.39%. The firm had revenue of $687.62 million for the quarter, compared to analyst estimates of $664.53 million. During the same quarter last year, the business posted $1.00 earnings per share. The company's quarterly revenue was up 25.2% on a year-over-year basis. On average, sell-side analysts predict that MongoDB will post 0.01 earnings per share for the current year.

Insider Transactions at MongoDB

In other news, Director Dev Ittycheria sold 40,000 shares of the firm's stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $383.16, for a total transaction of $15,326,400.00. Following the completion of the sale, the director directly owned 161,762 shares of the company's stock, valued at $61,980,727.92. This trade represents a 19.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Hope F. Cochran sold 1,566 shares of MongoDB stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $344.05, for a total value of $538,782.30. Following the sale, the director owned 25,444 shares in the company, valued at $8,754,008.20. The trade was a 5.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 124,746 shares of company stock worth $48,960,038. Company insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MDB. California State Teachers Retirement System increased its stake in shares of MongoDB by 32,986.4% during the 2nd quarter. California State Teachers Retirement System now owns 39,528,376 shares of the company's stock worth $13,277,581,000 after purchasing an additional 39,408,906 shares during the last quarter. ValueAct Holdings L.P. lifted its stake in MongoDB by 206.8% in the third quarter. ValueAct Holdings L.P. now owns 2,118,200 shares of the company's stock valued at $657,447,000 after purchasing an additional 1,427,700 shares during the last quarter. State Street Corp grew its holdings in MongoDB by 2.3% during the fourth quarter. State Street Corp now owns 1,796,847 shares of the company's stock valued at $754,119,000 after purchasing an additional 40,219 shares during the period. Amundi grew its holdings in MongoDB by 61.3% during the third quarter. Amundi now owns 1,483,396 shares of the company's stock valued at $477,550,000 after purchasing an additional 563,995 shares during the period. Finally, Geode Capital Management LLC increased its position in MongoDB by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 1,444,384 shares of the company's stock worth $604,429,000 after buying an additional 9,693 shares during the last quarter. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

MongoDB Company Profile

MongoDB, Inc is a software company best known for developing MongoDB, a general-purpose, document-oriented database designed for modern application development. The company's platform is built to support high-performance, scalable data storage and retrieval for use cases such as cloud-native applications, mobile backends, real-time analytics, and content management. MongoDB offers a mix of open-source software, commercial server distributions, and subscription-based services that include technical support, training and professional services.

The company traces its origins to 2007 when it was founded as 10gen by Dwight Merriman and Eliot Horowitz; it later adopted the MongoDB name and completed a public listing in 2017.

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