Congress Asset Management Co. Buys Shares of 100,694 MongoDB, Inc. $MDB

Key Points

• Congress Asset Management initiated a new stake of 100,694 shares in MongoDB during Q4, worth about $42.26 million and representing roughly 0.12% ownership.
• Several brokers cut price targets (e.g., RBC to $395, Citigroup to $400, Oppenheimer to $375, Baird to $260), but the consensus remains a “Moderate Buy” with an average target of $355.24.
• MongoDB beat the quarter (EPS $1.65 vs. $1.47; revenue $695.1M, up 26.8%) but still shows negative net margin and valuation metrics, with the stock trading at $273.25 below its 50- and 200-day moving averages.

Congress Asset Management Co. bought a new position in shares of MongoDB, Inc. (NASDAQ:MDB - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 100,694 shares of the company's stock, valued at approximately $42,260,000. Congress Asset Management Co. owned about 0.12% of MongoDB as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its stake in MongoDB by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 8,985,697 shares of the company's stock valued at $2,788,981,000 after acquiring an additional 431,382 shares in the last quarter. ValueAct Holdings L.P. boosted its holdings in shares of MongoDB by 206.8% during the 3rd quarter. ValueAct Holdings L.P. now owns 2,118,200 shares of the company's stock worth $657,447,000 after purchasing an additional 1,427,700 shares during the last quarter. State Street Corp increased its holdings in shares of MongoDB by 3.7% in the third quarter. State Street Corp now owns 1,756,628 shares of the company's stock valued at $545,222,000 after purchasing an additional 63,434 shares during the last quarter. Amundi increased its holdings in shares of MongoDB by 61.3% in the third quarter. Amundi now owns 1,483,396 shares of the company's stock valued at $477,550,000 after purchasing an additional 563,995 shares during the last quarter. Finally, Jericho Capital Asset Management L.P. lifted its position in MongoDB by 162.1% during the third quarter. Jericho Capital Asset Management L.P. now owns 1,378,540 shares of the company's stock worth $427,871,000 after buying an additional 852,540 shares in the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MDB. Royal Bank Of Canada cut their price target on shares of MongoDB from $500.00 to $395.00 and set an "outperform" rating for the company in a report on Tuesday, March 3rd. Citizens Jmp raised their target price on MongoDB from $435.00 to $475.00 and gave the company a "market outperform" rating in a report on Tuesday, December 2nd. Citigroup dropped their price target on shares of MongoDB from $435.00 to $400.00 and set a "buy" rating for the company in a research note on Tuesday, March 3rd. Oppenheimer reduced their target price on shares of MongoDB from $425.00 to $375.00 and set an "outperform" rating on the stock in a report on Tuesday, March 3rd. Finally, Robert W. Baird reaffirmed a "neutral" rating and set a $260.00 price target (down from $500.00) on shares of MongoDB in a report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $355.24.

Insider Activity at MongoDB

In other MongoDB news, Director Dwight A. Merriman sold 1,190 shares of the company's stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $369.75, for a total value of $440,002.50. Following the sale, the director owned 80,462 shares of the company's stock, valued at $29,750,824.50. This represents a 1.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 19,383 shares of company stock valued at $7,910,983. 3.10% of the stock is owned by insiders.

MongoDB Trading Up 4.6%

MongoDB stock opened at $273.25 on Tuesday. The stock has a 50 day moving average of $335.58 and a two-hundred day moving average of $352.07. MongoDB, Inc. has a twelve month low of $140.78 and a twelve month high of $444.72. The stock has a market capitalization of $22.24 billion, a price-to-earnings ratio of -310.51 and a beta of 1.40.

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