AlphaQuest LLC Reduces Stock Position in MongoDB, Inc. $MDB

Key Points

• AlphaQuest LLC has dramatically reduced its stake in MongoDB by 85.4%, ending the first quarter with only 182 shares valued at $32,000.
• Several other hedge funds have adjusted their positions in MongoDB, with 89.29% of the stock now held by institutional investors, indicating strong market interest.
• Wall Street analysts remain optimistic about MongoDB, raising price targets and giving the stock a consensus rating of "Moderate Buy" with an average target of $310.86.

AlphaQuest LLC cut its stake in MongoDB, Inc. (NASDAQ:MDB - Free Report) by 85.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 182 shares of the company's stock after selling 1,065 shares during the period. AlphaQuest LLC's holdings in MongoDB were worth $32,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. 111 Capital purchased a new position in MongoDB in the fourth quarter valued at about $390,000. Park Avenue Securities LLC increased its holdings in MongoDB by 52.6% in the first quarter. Park Avenue Securities LLC now owns 2,630 shares of the company's stock valued at $461,000 after buying an additional 907 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in MongoDB by 4.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,748 shares of the company's stock valued at $1,359,000 after buying an additional 298 shares in the last quarter. Sowell Financial Services LLC purchased a new position in MongoDB in the first quarter valued at about $263,000. Finally, Farther Finance Advisors LLC increased its holdings in MongoDB by 57.2% in the first quarter. Farther Finance Advisors LLC now owns 1,242 shares of the company's stock valued at $219,000 after buying an additional 452 shares in the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MDB has been the subject of a number of research analyst reports. Cantor Fitzgerald increased their target price on shares of MongoDB from $271.00 to $312.00 and gave the company an "overweight" rating in a report on Wednesday, August 27th. Robert W. Baird raised their price objective on shares of MongoDB from $260.00 to $335.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 27th. Guggenheim raised their price objective on shares of MongoDB from $260.00 to $310.00 and gave the stock a "buy" rating in a research note on Wednesday, August 27th. Loop Capital cut shares of MongoDB from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $350.00 to $190.00 in a research note on Tuesday, May 20th. Finally, BMO Capital Markets raised their price objective on shares of MongoDB from $280.00 to $315.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, MongoDB presently has a consensus rating of "Moderate Buy" and an average price target of $310.86.

Insider Activity

In other MongoDB news, CEO Dev Ittycheria sold 33,320 shares of MongoDB stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $301.29, for a total value of $10,038,982.80. Following the transaction, the chief executive officer owned 203,237 shares in the company, valued at $61,233,275.73. This trade represents a 14.09% 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 Hope F. Cochran sold 1,174 shares of MongoDB stock in a transaction 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 completion of the transaction, the director owned 21,096 shares in the company, valued at approximately $4,241,983.68. This trade represents a 5.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 58,730 shares of company stock valued at $15,966,159 over the last quarter. Insiders own 3.10% of the company's stock.

MongoDB Stock Performance

MDB stock opened at $322.05 on Friday. The stock has a market capitalization of $26.31 billion, a P/E ratio of -328.62 and a beta of 1.49. MongoDB, Inc. has a one year low of $140.78 and a one year high of $370.00. The company has a 50 day moving average price of $231.73 and a two-hundred day moving average price of $208.01.

MongoDB (NASDAQ:MDB - Get Free Report) last released its earnings results on Wednesday, June 4th. The company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.65 by $0.35. The firm had revenue of $549.01 million during the quarter, compared to analysts' expectations of $527.49 million. MongoDB had a negative net margin of 3.54% and a negative return on equity of 1.67%. MongoDB's revenue for the quarter was up 21.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.51 EPS. Research analysts forecast that MongoDB, Inc. will post -1.78 earnings per share for the current fiscal year.

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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