Clearline Capital LP Takes Position in MongoDB, Inc. $MDB

Key Points

• Clearline Capital LP has acquired a new stake in MongoDB, purchasing 100,135 shares for approximately $17.6 million, which constitutes about 1.1% of its investment portfolio.
• MongoDB has seen recent ratings changes from analysts, with Loop Capital downgrading its stock from a "buy" to a "hold," while Oppenheimer raised its target price to $325, indicating varying perspectives among analysts.
• Insiders at MongoDB, including the CEO and a director, have sold significant amounts of stock recently, with total insider sales reaching approximately $15.97 million in the last 90 days.

Clearline Capital LP bought a new stake in MongoDB, Inc. (NASDAQ:MDB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 100,135 shares of the company's stock, valued at approximately $17,564,000. MongoDB comprises about 1.1% of Clearline Capital LP's investment portfolio, making the stock its 19th biggest position. Clearline Capital LP owned approximately 0.12% of MongoDB at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MDB. Cloud Capital Management LLC bought a new position in shares of MongoDB in the 1st quarter valued at about $25,000. Hollencrest Capital Management bought a new position in shares of MongoDB in the 1st quarter valued at about $26,000. Cullen Frost Bankers Inc. boosted its stake in shares of MongoDB by 315.8% in the 1st quarter. Cullen Frost Bankers Inc. now owns 158 shares of the company's stock valued at $28,000 after purchasing an additional 120 shares during the last quarter. State of Wyoming acquired a new stake in shares of MongoDB in the 1st quarter valued at approximately $62,000. Finally, Brooklyn Investment Group raised its position in shares of MongoDB by 247.9% in the 1st quarter. Brooklyn Investment Group now owns 407 shares of the company's stock valued at $71,000 after acquiring an additional 290 shares during the period. Institutional investors own 89.29% of the company's stock.

Analyst Ratings Changes

MDB has been the topic of a number of analyst reports. Loop Capital downgraded shares of MongoDB from a "buy" rating to a "hold" rating and cut their price target for the company from $350.00 to $190.00 in a research report on Tuesday, May 20th. Oppenheimer increased their price target on shares of MongoDB from $275.00 to $325.00 and gave the company an "outperform" rating in a research report on Wednesday, August 27th. Barclays increased their price target on shares of MongoDB from $270.00 to $305.00 and gave the company an "overweight" rating in a research report on Wednesday, August 27th. Robert W. Baird increased their price target on shares of MongoDB from $260.00 to $335.00 and gave the company an "outperform" rating in a research report on Wednesday, August 27th. Finally, Stifel Nicolaus increased their price target on shares of MongoDB from $275.00 to $325.00 and gave the company a "buy" rating in a research report on Wednesday, August 27th. One investment 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 company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $310.86.

Insider Activity at MongoDB

In other MongoDB 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 directly 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Dev Ittycheria sold 33,320 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $301.29, for a total transaction of $10,038,982.80. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 58,730 shares of company stock valued at $15,966,159. Corporate insiders own 3.10% of the company's stock.

MongoDB Stock Performance

Shares of MDB stock opened at $324.74 on Monday. The company has a market capitalization of $26.42 billion, a P/E ratio of -331.37 and a beta of 1.49. The company's 50 day moving average price is $234.03 and its two-hundred day moving average price is $207.01. MongoDB, Inc. has a 52 week low of $140.78 and a 52 week high of $370.00.

About MongoDB

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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