Allianz Asset Management GmbH Grows Position in MongoDB, Inc. (NASDAQ:MDB)

Key Points

• Allianz Asset Management GmbH significantly increased its ownership in MongoDB, Inc. by 188.5%, now holding 75,340 shares valued at approximately $13.2 million.
• Notable hedge funds, including Norges Bank and Marshall Wace LLP, have also made substantial investments in MongoDB, resulting in 89.29% of the stock being owned by institutional investors.
• Research firms provide a favorable outlook for MongoDB, with an average price target of $281.35 and multiple analysts issuing "buy" ratings.

Allianz Asset Management GmbH increased its holdings in MongoDB, Inc. (NASDAQ:MDB - Free Report) by 188.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 75,340 shares of the company's stock after acquiring an additional 49,229 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.09% of MongoDB worth $13,215,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in MDB. Norges Bank purchased a new stake in MongoDB in the fourth quarter worth about $189,584,000. Marshall Wace LLP purchased a new stake in MongoDB in the fourth quarter worth about $110,356,000. D1 Capital Partners L.P. purchased a new stake in MongoDB in the fourth quarter worth about $76,129,000. Franklin Resources Inc. lifted its stake in MongoDB by 9.7% in the fourth quarter. Franklin Resources Inc. now owns 2,054,888 shares of the company's stock worth $478,398,000 after acquiring an additional 181,962 shares during the period. Finally, Pictet Asset Management Holding SA lifted its stake in MongoDB by 69.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 356,964 shares of the company's stock worth $83,105,000 after acquiring an additional 145,854 shares during the period. 89.29% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MongoDB

In other news, Director Hope F. Cochran sold 1,174 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $201.08, for a total transaction of $236,067.92. Following the sale, the director owned 21,096 shares of the company's stock, valued at $4,241,983.68. This trade represents a 5.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dwight A. Merriman sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $225.00, for a total transaction of $225,000.00. Following the sale, the director directly owned 1,105,316 shares in the company, valued at $248,696,100. The trade was a 0.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,746 shares of company stock valued at $7,725,196 in the last 90 days. 3.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MDB. Rosenblatt Securities lowered their price objective on shares of MongoDB from $305.00 to $290.00 and set a "buy" rating for the company in a research note on Thursday, June 5th. Truist Financial decreased their price target on shares of MongoDB from $300.00 to $275.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Loop Capital lowered shares of MongoDB from a "buy" rating to a "hold" rating and decreased their price target for the company from $350.00 to $190.00 in a research report on Tuesday, May 20th. Wolfe Research started coverage on shares of MongoDB in a research report on Wednesday, July 9th. They set an "outperform" rating and a $280.00 price target for the company. Finally, Needham & Company LLC reissued a "buy" rating and set a $270.00 price target on shares of MongoDB in a research report on Thursday, June 5th. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, MongoDB has a consensus rating of "Moderate Buy" and an average price target of $281.35.

MongoDB Price Performance

Shares of NASDAQ MDB opened at $241.37 on Friday. The stock has a market capitalization of $19.72 billion, a price-to-earnings ratio of -211.73 and a beta of 1.41. MongoDB, Inc. has a 12 month low of $140.78 and a 12 month high of $370.00. The firm's 50 day simple moving average is $206.48 and its 200-day simple moving average is $212.69.

MongoDB (NASDAQ:MDB - Get Free Report) last issued its quarterly earnings data on Wednesday, June 4th. The company reported $1.00 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.35. The business had revenue of $549.01 million for the quarter, compared to analysts' expectations of $527.49 million. MongoDB had a negative net margin of 4.09% and a negative return on equity of 3.16%. The business's revenue was up 21.8% on a year-over-year basis. During the same quarter last year, the company earned $0.51 EPS. Analysts anticipate that MongoDB, Inc. will post -1.78 earnings per share for the current fiscal year.

MongoDB 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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