Avala Global LP Buys New Stake in MongoDB, Inc. $MDB

Key Points

• Avala Global LP bought a new position of 274,800 shares in MongoDB valued at about $85.3 million, making the stake roughly 3.5% of Avala’s holdings and representing about 0.34% ownership of MongoDB.
• MongoDB beat the quarter with EPS $1.65 vs. $1.47 expected and revenue of $695.1M (up 26.8% YoY), but the company remains unprofitable with a negative net margin and analysts forecast a full-year EPS of -1.78.
• Analyst sentiment is a “Moderate Buy” with a consensus target of $354.18, though several firms have trimmed targets recently (e.g., Goldman Sachs cut from $475 to $320).

Avala Global LP purchased a new position in shares of MongoDB, Inc. (NASDAQ:MDB - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 274,800 shares of the company's stock, valued at approximately $85,292,000. MongoDB makes up about 3.5% of Avala Global LP's holdings, making the stock its 12th largest holding. Avala Global LP owned 0.34% of MongoDB as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cramer Rosenthal Mcglynn LLC increased its stake in shares of MongoDB by 897.7% in the 3rd quarter. Cramer Rosenthal Mcglynn LLC now owns 57,795 shares of the company's stock valued at $17,938,000 after purchasing an additional 52,002 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in MongoDB by 1,277.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,219 shares of the company's stock worth $5,655,000 after purchasing an additional 16,896 shares in the last quarter. Pacer Advisors Inc. boosted its position in MongoDB by 209.0% during the third quarter. Pacer Advisors Inc. now owns 4,549 shares of the company's stock worth $1,412,000 after purchasing an additional 3,077 shares in the last quarter. Penserra Capital Management LLC grew its holdings in MongoDB by 42.1% in the third quarter. Penserra Capital Management LLC now owns 135,036 shares of the company's stock valued at $41,910,000 after purchasing an additional 39,978 shares during the period. Finally, Pinegrove Venture Partners LLC acquired a new stake in MongoDB in the third quarter valued at approximately $1,032,000. Institutional investors and hedge funds own 89.29% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MDB shares. The Goldman Sachs Group reduced their target price on MongoDB from $475.00 to $320.00 and set a "buy" rating for the company in a research note on Wednesday, March 4th. Bank of America reissued a "buy" rating on shares of MongoDB in a research note on Tuesday, March 3rd. Raymond James Financial began coverage on shares of MongoDB in a report on Monday, December 15th. They issued a "market perform" rating for the company. DA Davidson reduced their price objective on shares of MongoDB from $465.00 to $385.00 and set a "buy" rating for the company in a research report on Wednesday, February 25th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $340.00 price objective (down from $400.00) on shares of MongoDB in a report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $354.18.

Insider Buying and Selling at MongoDB

In related news, Director Dwight A. Merriman sold 10,000 shares of the stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $407.70, for a total transaction of $4,077,000.00. Following the transaction, the director owned 1,031,316 shares of the company's stock, valued at approximately $420,467,533.20. This represents a 0.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Hope F. Cochran sold 1,566 shares of the firm's stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $421.85, for a total value of $660,617.10. Following the transaction, the director owned 25,659 shares of the company's stock, valued at $10,824,249.15. This trade represents a 5.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 21,949 shares of company stock valued at $8,981,630. Company insiders own 3.10% of the company's stock.

MongoDB Trading Down 0.1%

MDB stock opened at $260.50 on Friday. The firm has a 50-day moving average of $354.08 and a two-hundred day moving average of $353.70. MongoDB, Inc. has a 12 month low of $140.78 and a 12 month high of $444.72. The company has a market cap of $21.20 billion, a price-to-earnings ratio of -296.02 and a beta of 1.40.

MongoDB (NASDAQ:MDB - Get Free Report) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.65 EPS for the quarter, topping the consensus estimate of $1.47 by $0.18. The business had revenue of $695.07 million for the quarter, compared to analyst estimates of $669.40 million. MongoDB had a negative return on equity of 1.03% and a negative net margin of 2.89%.The company's quarterly revenue was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.28 EPS. As a group, equities analysts forecast that MongoDB, Inc. will post -1.78 earnings per share for the current year.

MongoDB 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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