BMO Capital Markets Forecasts Strong Price Appreciation for MongoDB (NASDAQ:MDB) Stock

Key Points

• BMO Capital Markets has raised its price target for MongoDB stock from $315.00 to $365.00, maintaining an "outperform" rating, indicating a potential upside of 15.73% from its current price.
• Several analysts, including Guggenheim and Canaccord Genuity, have also increased their price targets for MongoDB, with Guggenheim setting a target of $400.00 and giving a "buy" rating.
• CEO Dev Ittycheria sold over 33,000 shares of MongoDB stock recently, resulting in a 14.09% decrease in his ownership position.

MongoDB (NASDAQ:MDB - Get Free Report) had its price objective hoisted by BMO Capital Markets from $315.00 to $365.00 in a report issued on Thursday,Briefing.com Automated Import reports. The firm presently has an "outperform" rating on the stock. BMO Capital Markets' price objective would suggest a potential upside of 15.73% from the company's current price.

Several other analysts also recently commented on the stock. Guggenheim raised their price objective on shares of MongoDB from $310.00 to $400.00 and gave the stock a "buy" rating in a research report on Monday. Sanford C. Bernstein raised their price objective on shares of MongoDB from $319.00 to $338.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 27th. William Blair reaffirmed an "outperform" rating on shares of MongoDB in a research report on Thursday, June 26th. Canaccord Genuity Group raised their price objective on shares of MongoDB from $320.00 to $340.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $350.00 price objective on shares of MongoDB in a research report on Tuesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $319.29.

MongoDB Price Performance

Shares of NASDAQ MDB opened at $315.38 on Thursday. The company has a 50 day simple moving average of $253.02 and a 200 day simple moving average of $211.26. The firm has a market cap of $25.66 billion, a PE ratio of -321.82 and a beta of 1.49. MongoDB has a 1 year low of $140.78 and a 1 year high of $370.00.

Insider Buying and Selling

In other MongoDB news, CEO Dev Ittycheria sold 33,320 shares of MongoDB stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $301.29, for a total transaction of $10,038,982.80. Following the completion of the transaction, the chief executive officer owned 203,237 shares of the company's stock, valued at $61,233,275.73. The trade was a 14.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dwight A. Merriman sold 1,000 shares of the business's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $245.00, for a total value of $245,000.00. Following the transaction, the director directly owned 1,104,316 shares of the company's stock, valued at $270,557,420. The trade was a 0.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 58,556 shares of company stock worth $16,056,341 over the last quarter. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MDB. AQR Capital Management LLC lifted its position in MongoDB by 2,567.2% in the 2nd quarter. AQR Capital Management LLC now owns 1,111,647 shares of the company's stock worth $233,435,000 after buying an additional 1,069,969 shares during the last quarter. Jericho Capital Asset Management L.P. bought a new stake in MongoDB in the 1st quarter worth approximately $161,543,000. Norges Bank bought a new stake in MongoDB in the 2nd quarter worth approximately $164,338,000. Primecap Management Co. CA lifted its position in MongoDB by 863.5% in the 1st quarter. Primecap Management Co. CA now owns 870,550 shares of the company's stock worth $152,694,000 after buying an additional 780,200 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in MongoDB by 9.5% in the second quarter. Vanguard Group Inc. now owns 8,554,315 shares of the company's stock valued at $1,796,321,000 after purchasing an additional 744,547 shares during the last quarter. Hedge funds and other institutional investors own 89.29% of the company's stock.

MongoDB Company Profile

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.

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