Bank of America Has Lowered Expectations for MongoDB (NASDAQ:MDB) Stock Price

Key Points

• Bank of America cut its price target on MongoDB from $400 to $350 and maintained an underperform rating, with the new target implying roughly a 35.9% upside from the prior close.
• Multiple other brokers also trimmed targets (Barclays, Piper Sandler, UBS, Cantor), yet the analyst consensus remains a Moderate Buy with an average price target of $361.97 (26 Buy, 7 Hold, 3 Sell).
• MongoDB beat quarterly estimates (EPS $1.65 vs. $1.47; revenue $695.1M vs. $669.4M) but still reports negative net margin and ROE; the shares trade near $257.63, insiders have recently sold stock, and institutions own about 89.3%.

MongoDB (NASDAQ:MDB - Get Free Report) had its price objective reduced by equities researchers at Bank of America from $400.00 to $350.00 in a research note issued to investors on Wednesday,MarketScreener reports. The brokerage currently has an "underperform" rating on the stock. Bank of America's price objective indicates a potential upside of 35.86% from the stock's previous close.

Several other research analysts have also weighed in on the stock. Barclays cut their price objective on shares of MongoDB from $440.00 to $370.00 and set an "overweight" rating on the stock in a report on Tuesday, March 3rd. Piper Sandler lowered their price target on MongoDB from $490.00 to $330.00 and set an "overweight" rating for the company in a research report on Tuesday, March 3rd. UBS Group dropped their price target on MongoDB from $440.00 to $275.00 and set a "neutral" rating for the company in a research note on Tuesday, March 3rd. Rosenblatt Securities restated a "buy" rating and issued a $425.00 price objective on shares of MongoDB in a report on Monday, March 2nd. Finally, Cantor Fitzgerald decreased their target price on MongoDB from $454.00 to $378.00 and set an "overweight" rating for the company in a report on Tuesday, March 3rd. Twenty-six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $361.97.

MongoDB Stock Performance

MongoDB stock opened at $257.63 on Wednesday. MongoDB has a one year low of $159.58 and a one year high of $444.72. The company has a market cap of $20.71 billion, a P/E ratio of -306.30 and a beta of 1.60. The business has a fifty day moving average of $277.33 and a two-hundred day moving average of $340.31.

MongoDB (NASDAQ:MDB - Get Free Report) last posted its quarterly earnings data on Monday, March 2nd. The company reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $695.07 million for the quarter, compared to analysts' expectations of $669.40 million. During the same quarter last year, the firm earned $1.28 earnings per share. The business's revenue was up 26.8% on a year-over-year basis. Sell-side analysts predict that MongoDB will post -0.41 EPS for the current year.

Insider Buying and Selling at MongoDB

In related news, Director Dwight A. Merriman sold 8,000 shares of the business's stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $236.89, for a total value of $1,895,120.00. Following the transaction, the director owned 1,005,316 shares in the company, valued at approximately $238,149,307.24. The trade was a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hope F. Cochran sold 1,566 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $249.33, for a total value of $390,450.78. Following the sale, the director owned 24,093 shares of the company's stock, valued at approximately $6,007,107.69. This trade represents a 6.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 14,756 shares of company stock valued at $3,734,893 over the last 90 days. Insiders own 3.10% of the company's stock.

Institutional Trading of MongoDB

Hedge funds and other institutional investors have recently made changes to their positions in the stock. ValueAct Holdings L.P. grew its holdings in MongoDB by 206.8% during the 3rd quarter. ValueAct Holdings L.P. now owns 2,118,200 shares of the company's stock worth $657,447,000 after acquiring an additional 1,427,700 shares in the last quarter. Norges Bank bought a new position in shares of MongoDB during the fourth quarter worth about $574,821,000. AQR Capital Management LLC lifted its position in shares of MongoDB by 2,567.2% during the second quarter. AQR Capital Management LLC now owns 1,111,647 shares of the company's stock worth $233,435,000 after purchasing an additional 1,069,969 shares during the last quarter. Jericho Capital Asset Management L.P. grew its stake in MongoDB by 162.1% in the third quarter. Jericho Capital Asset Management L.P. now owns 1,378,540 shares of the company's stock worth $427,871,000 after purchasing an additional 852,540 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in MongoDB by 162.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,097,059 shares of the company's stock valued at $340,505,000 after buying an additional 678,746 shares during the last quarter. Institutional investors own 89.29% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.