Cantor Fitzgerald Issues Positive Forecast for MongoDB (NASDAQ:MDB) Stock Price

Key Points

• Cantor Fitzgerald has raised its target price for MongoDB (NASDAQ: MDB) from $312.00 to $406.00, indicating a potential upside of 28.73% from the current stock price.
• Various analysts, including Truist Financial and Wedbush, have recently increased their price targets for MongoDB, reflecting a consensus rating of "Moderate Buy".
• CEO Dev Ittycheria sold 33,320 shares of MongoDB stock for over $10 million, marking a 14.09% decrease in his ownership position.

MongoDB (NASDAQ:MDB - Get Free Report) had its price objective hoisted by Cantor Fitzgerald from $312.00 to $406.00 in a research note issued on Thursday, MarketBeat reports. The firm presently has an "overweight" rating on the stock. Cantor Fitzgerald's price target would suggest a potential upside of 28.36% from the stock's previous close.

A number of other brokerages also recently issued reports on MDB. Robert W. Baird boosted their price target on shares of MongoDB from $260.00 to $335.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 27th. Stephens initiated coverage on shares of MongoDB in a research note on Friday, July 18th. They set an "equal weight" rating and a $247.00 price target for the company. Barclays boosted their price target on shares of MongoDB from $305.00 to $345.00 and gave the company an "overweight" rating in a research note on Thursday. UBS Group boosted their price target on shares of MongoDB from $240.00 to $310.00 and gave the company a "neutral" rating in a research note on Wednesday, August 27th. Finally, Morgan Stanley boosted 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 analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, MongoDB has an average rating of "Moderate Buy" and a consensus target price of $332.69.

MongoDB Trading Up 0.3%

NASDAQ:MDB traded up $0.92 during mid-day trading on Thursday, hitting $316.30. 2,628,534 shares of the company's stock were exchanged, compared to its average volume of 4,040,351. The company has a 50 day simple moving average of $255.16 and a 200-day simple moving average of $211.65. MongoDB has a fifty-two week low of $140.78 and a fifty-two week high of $370.00. The firm has a market capitalization of $25.73 billion, a P/E ratio of -322.76 and a beta of 1.49.

Insider Activity

In other news, Director Dwight A. Merriman sold 1,000 shares of the company's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $245.00, for a total value of $245,000.00. Following the completion of the sale, the director owned 1,104,316 shares in the company, valued at $270,557,420. This represents a 0.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Thomas Bull sold 1,000 shares of the business's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $326.25, for a total transaction of $326,250.00. Following the completion of the transaction, the chief accounting officer directly owned 11,598 shares in the company, valued at $3,783,847.50. This trade represents a 7.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 58,556 shares of company stock worth $16,056,341. 3.10% of the stock is owned by insiders.

Institutional Investors Weigh In On MongoDB

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

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.