MongoDB (NASDAQ:MDB) Price Target Raised to $380.00 at Bank of America

Key Points

• Bank of America has raised MongoDB's price target from $345.00 to $380.00, indicating a potential upside of 20.49% from its current price and maintaining a "buy" rating.
• Several other brokerages like Truist Financial and Citigroup have also increased their price targets for MongoDB, with Citigroup setting theirs at $425.00.
• Insider activity shows that directors have sold shares recently, with 58,556 shares sold in the last 90 days, raising concerns about insider confidence in the stock's near-term performance.

MongoDB (NASDAQ:MDB - Get Free Report) had its target price raised by equities research analysts at Bank of America from $345.00 to $380.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's target price points to a potential upside of 17.49% from the company's current price.

Several other research firms have also recently weighed in on MDB. Citigroup raised their target price on shares of MongoDB from $405.00 to $425.00 and gave the company a "buy" rating in a research note on Wednesday, August 27th. Macquarie increased their price target on shares of MongoDB from $230.00 to $265.00 and gave the company a "neutral" rating in a research note on Wednesday, August 27th. Oppenheimer increased their price target on shares of MongoDB from $275.00 to $325.00 and gave the company an "outperform" rating in a research note on Wednesday, August 27th. Scotiabank increased their price target on shares of MongoDB from $230.00 to $280.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 27th. Finally, Morgan Stanley increased their price target on shares of MongoDB from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $335.83.

MongoDB Trading Up 2.3%

Shares of NASDAQ MDB traded up $7.13 during midday trading on Thursday, reaching $323.43. The company's stock had a trading volume of 3,033,722 shares, compared to its average volume of 4,094,820. MongoDB has a fifty-two week low of $140.78 and a fifty-two week high of $370.00. The stock has a market capitalization of $26.31 billion, a price-to-earnings ratio of -330.03 and a beta of 1.49. The stock has a 50 day simple moving average of $257.58 and a 200-day simple moving average of $211.77.

Insider Activity at MongoDB

In other news, Director Dwight A. Merriman sold 1,000 shares of MongoDB stock in a transaction on Friday, July 25th. The stock was sold at an average price of $245.00, for a total transaction of $245,000.00. Following the completion of the sale, the director owned 1,104,316 shares of the company's stock, valued at approximately $270,557,420. This trade represents a 0.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Hope F. Cochran sold 1,174 shares of MongoDB stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $327.93, for a total value of $384,989.82. Following the sale, the director directly owned 24,308 shares of the company's stock, valued at $7,971,322.44. This represents a 4.61% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,730 shares of company stock valued at $16,441,331. 3.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Main Management ETF Advisors LLC raised its stake in MongoDB by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 3,665 shares of the company's stock valued at $770,000 after purchasing an additional 60 shares in the last quarter. Carnegie Investment Counsel raised its stake in MongoDB by 3.6% during the second quarter. Carnegie Investment Counsel now owns 1,803 shares of the company's stock worth $379,000 after acquiring an additional 62 shares in the last quarter. Handelsbanken Fonder AB raised its stake in MongoDB by 0.4% during the first quarter. Handelsbanken Fonder AB now owns 14,816 shares of the company's stock worth $2,599,000 after acquiring an additional 65 shares in the last quarter. New York Life Investment Management LLC raised its stake in MongoDB by 6.2% during the second quarter. New York Life Investment Management LLC now owns 1,236 shares of the company's stock worth $260,000 after acquiring an additional 72 shares in the last quarter. Finally, Wedbush Securities Inc. raised its stake in MongoDB by 2.6% during the first quarter. Wedbush Securities Inc. now owns 3,022 shares of the company's stock worth $530,000 after acquiring an additional 77 shares in the last quarter. Institutional investors and hedge funds own 89.29% of the company's stock.

About MongoDB

MongoDB, Inc, together with its subsidiaries, provides general purpose database platform worldwide. The company provides MongoDB Atlas, a hosted multi-cloud database-as-a-service solution; MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in the cloud, on-premises, or in a hybrid environment; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB.