MongoDB (NASDAQ:MDB) Given New $375.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has raised its price target for MongoDB (NASDAQ:MDB) from $340.00 to $375.00, implying a potential upside of 15.94% from its current price and maintaining a "buy" rating.
• Other firms such as Guggenheim and Wedbush have also increased their price targets for MongoDB, with Guggenheim setting a target of $400.00.
• Insider trading reports indicate that company directors have recently sold shares, with a total of 59,730 shares sold over the last 90 days, reflecting a high level of insider activity in the stock.

MongoDB (NASDAQ:MDB - Free Report) had its price target lifted by Canaccord Genuity Group from $340.00 to $375.00 in a research note published on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also issued reports on MDB. Royal Bank Of Canada reiterated an "outperform" rating and issued a $350.00 target price on shares of MongoDB in a report on Thursday. Needham & Company LLC lifted their target price on MongoDB from $325.00 to $365.00 and gave the company a "buy" rating in a report on Friday. William Blair restated an "outperform" rating on shares of MongoDB in a research note on Thursday, June 26th. Citigroup restated an "outperform" rating on shares of MongoDB in a research note on Friday. Finally, Scotiabank raised their price target on MongoDB from $280.00 to $320.00 and gave the company a "sector perform" rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $336.83.

MongoDB Stock Performance

Shares of MDB traded up $0.16 during midday trading on Monday, hitting $323.59. 1,920,967 shares of the stock were exchanged, compared to its average volume of 4,156,311. MongoDB has a 52-week low of $140.78 and a 52-week high of $370.00. The stock has a fifty day simple moving average of $260.02 and a 200 day simple moving average of $212.85. The firm has a market cap of $26.33 billion, a P/E ratio of -330.19 and a beta of 1.49.

Insider Activity

In other MongoDB news, CAO Thomas Bull sold 1,000 shares of MongoDB stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $326.25, for a total value of $326,250.00. Following the sale, the chief accounting officer owned 11,598 shares of the company's stock, valued at approximately $3,783,847.50. The trade was a 7.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Hope F. Cochran sold 1,174 shares of MongoDB stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $327.93, for a total value of $384,989.82. Following the completion of the sale, the director directly owned 24,308 shares in the company, valued at $7,971,322.44. This represents a 4.61% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,730 shares of company stock valued at $16,441,331. Insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On MongoDB

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of MongoDB by 9.5% during the 2nd quarter. Vanguard Group Inc. now owns 8,554,315 shares of the company's stock worth $1,796,321,000 after acquiring an additional 744,547 shares in the last quarter. State Street Corp boosted its stake in shares of MongoDB by 5.0% during the 2nd quarter. State Street Corp now owns 1,693,194 shares of the company's stock worth $355,554,000 after acquiring an additional 80,334 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of MongoDB by 5.2% during the 2nd quarter. Geode Capital Management LLC now owns 1,397,898 shares of the company's stock worth $292,597,000 after acquiring an additional 68,611 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of MongoDB by 11.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,271,444 shares of the company's stock worth $223,011,000 after acquiring an additional 129,451 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of MongoDB by 2,567.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,111,647 shares of the company's stock worth $233,435,000 after acquiring an additional 1,069,969 shares in 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.