Bank of America Forecasts Strong Price Appreciation for MongoDB (NASDAQ:MDB) Stock

Key Points

• Bank of America raised its price target on MongoDB from $350 to $375, implying about 13.6% upside from the current share price.
• MongoDB’s stock was trading around $330 and had recently risen 5.7%; the company also reported quarterly results that beat expectations, with revenue up 26.8% year over year.
• Wall Street remains broadly bullish on the stock, with 26 Buy ratings versus 8 Holds and 2 Sells, while institutional ownership is high at 89.29%.

MongoDB (NASDAQ:MDB - Get Free Report) had its price target boosted by research analysts at Bank of America from $350.00 to $375.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. Bank of America's price target points to a potential upside of 13.64% from the company's current price.

Other research analysts have also recently issued research reports about the company. Needham & Company LLC dropped their price target on MongoDB from $500.00 to $300.00 and set a "buy" rating on the stock in a research note on Tuesday, March 3rd. Weiss Ratings lowered shares of MongoDB from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, April 29th. Monness Crespi & Hardt decreased their target price on shares of MongoDB from $475.00 to $370.00 and set a "buy" rating for the company in a report on Tuesday, March 3rd. Mizuho raised shares of MongoDB from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $290.00 to $325.00 in a research report on Monday, March 23rd. Finally, Wedbush cut their price target on shares of MongoDB from $440.00 to $380.00 and set an "outperform" rating on the stock in a report on Tuesday, March 3rd. Twenty-six equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $365.03.

MongoDB Stock Up 5.7%

Shares of MongoDB stock opened at $330.00 on Tuesday. The firm has a market cap of $26.52 billion, a price-to-earnings ratio of -375.00 and a beta of 1.48. The business has a fifty day simple moving average of $263.75 and a 200-day simple moving average of $335.69. MongoDB has a fifty-two week low of $182.43 and a fifty-two week high of $444.72.

MongoDB (NASDAQ:MDB - Get Free Report) last released its earnings results on Monday, March 2nd. The company reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.47 by $0.18. MongoDB had a negative return on equity of 1.03% and a negative net margin of 2.89%.The firm had revenue of $695.07 million for the quarter, compared to analyst estimates of $669.40 million. During the same period in the previous year, the company earned $1.28 earnings per share. MongoDB's revenue was up 26.8% compared to the same quarter last year. Analysts anticipate that MongoDB will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling at MongoDB

In other news, Director Dwight A. Merriman sold 10,000 shares of the company's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $297.99, for a total transaction of $2,979,900.00. Following the completion of the sale, the director owned 993,316 shares in the company, valued at approximately $295,998,234.84. This represents a 1.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hope F. Cochran sold 1,566 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $249.33, for a total value of $390,450.78. Following the transaction, the director directly owned 24,093 shares in the company, valued at approximately $6,007,107.69. This represents a 6.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 31,566 shares of company stock worth $8,744,791 over the last three months. Company insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On MongoDB

Several institutional investors and hedge funds have recently added to or reduced their stakes in MDB. Cornerstone Planning Group LLC lifted its position in MongoDB by 1,220.0% during the 4th quarter. Cornerstone Planning Group LLC now owns 66 shares of the company's stock worth $27,000 after acquiring an additional 61 shares during the last quarter. Central Pacific Bank Trust Division acquired a new stake in shares of MongoDB in the fourth quarter valued at about $28,000. Huntington National Bank increased its stake in shares of MongoDB by 110.9% in the third quarter. Huntington National Bank now owns 97 shares of the company's stock worth $30,000 after purchasing an additional 51 shares during the period. International Assets Investment Management LLC bought a new position in shares of MongoDB in the fourth quarter worth about $33,000. Finally, Cassaday & Co Wealth Management LLC acquired a new position in shares of MongoDB during the 1st quarter worth about $34,000. 89.29% of the stock is currently owned by institutional investors and hedge funds.

About MongoDB

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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