MongoDB (NASDAQ:MDB) Issues Quarterly Earnings Results

Key Points

• MongoDB beat quarterly expectations: The company reported adjusted EPS of $1.90 versus the $1.62 consensus estimate, while revenue of $771.77 million exceeded expectations of $735.01 million.
• Shares fell 4.2% despite the earnings beat, trading at $434.21. MongoDB remains unprofitable, with a negative net margin of 1.12% and negative return on equity of 1.39%.
• Analyst sentiment remains positive: Several firms raised their price targets, and the stock has a “Moderate Buy” consensus rating with an average target of $458.65; institutional investors own 89.29% of the shares.

MongoDB (NASDAQ:MDB - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.28, FiscalAI reports. The company had revenue of $771.77 million during the quarter, compared to the consensus estimate of $735.01 million. MongoDB had a negative net margin of 1.12% and a negative return on equity of 1.39%.

MongoDB Stock Down 4.2%

Shares of MongoDB stock traded down $19.16 during trading hours on Tuesday, reaching $434.21. 2,710,904 shares of the company's stock were exchanged, compared to its average volume of 1,853,676. MongoDB has a 1 year low of $215.68 and a 1 year high of $473.10. The company has a market capitalization of $34.92 billion, a P/E ratio of -1,173.54, a price-to-earnings-growth ratio of 3,172.71 and a beta of 1.55. The business has a fifty day moving average of $367.65 and a two-hundred day moving average of $321.78.

Analyst Ratings Changes

Several brokerages have weighed in on MDB. Evercore assumed coverage on shares of MongoDB in a research note on Friday, August 21st. They issued an "outperform" rating and a $525.00 price objective for the company. Royal Bank Of Canada upped their target price on MongoDB from $395.00 to $515.00 and gave the stock an "outperform" rating in a research note on Thursday, August 13th. Barclays upped their target price on MongoDB from $387.00 to $460.00 and gave the stock an "overweight" rating in a report on Wednesday, August 26th. UBS Group raised their target price on MongoDB from $350.00 to $460.00 and gave the stock a "neutral" rating in a research report on Monday, August 24th. Finally, Oppenheimer lifted their target price on shares of MongoDB from $410.00 to $475.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $458.65.

Insider Buying and Selling

In other MongoDB news, Director Dev Ittycheria sold 40,000 shares of MongoDB stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $383.16, for a total value of $15,326,400.00. Following the transaction, the director directly owned 161,762 shares in the company, valued at approximately $61,980,727.92. This trade represents a 19.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Michael J. Berry sold 5,000 shares of MongoDB stock in a transaction on Monday, June 15th. The shares were sold at an average price of $356.63, for a total transaction of $1,783,150.00. Following the completion of the transaction, the chief financial officer owned 1,500 shares in the company, valued at approximately $534,945. This trade represents a 76.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 80,696 shares of company stock valued at $31,425,055 in the last quarter. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MongoDB

Several large investors have recently added to or reduced their stakes in MDB. ValueAct Holdings L.P. boosted its position in shares of MongoDB by 206.8% in the third quarter. ValueAct Holdings L.P. now owns 2,118,200 shares of the company's stock worth $657,447,000 after buying an additional 1,427,700 shares during the period. AQR Capital Management LLC boosted its position in 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 period. Amundi boosted its holdings in shares of MongoDB by 61.3% during the 3rd quarter. Amundi now owns 1,483,396 shares of the company's stock worth $477,550,000 after buying an additional 563,995 shares during the period. Invesco Ltd. raised its holdings in MongoDB by 105.8% in the 3rd quarter. Invesco Ltd. now owns 910,168 shares of the company's stock worth $282,498,000 after acquiring an additional 467,836 shares during the period. Finally, Ameriprise Financial Inc. grew its position in shares of MongoDB by 258.3% in the third quarter. Ameriprise Financial Inc. now owns 604,039 shares of the company's stock valued at $187,560,000 after purchasing an additional 435,455 shares during the last quarter. 89.29% of the stock is owned by institutional investors and hedge funds.

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.

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