Covea Finance Purchases 13,800 Shares of MongoDB, Inc. $MDB

Key Points

• Covea Finance increased its stake in MongoDB, Inc. by 48.6% during the second quarter, acquiring an additional 13,800 shares to total 42,200 shares valued at approximately $8.86 million.
• Several hedge funds have made significant changes to their positions in MongoDB, with Jericho Capital purchasing a new position for about $161.5 million and Primecap Management increasing its stake by 863.5% to over 870,000 shares.
• Major Wall Street analysts have raised MongoDB's target prices, with Guggenheim increasing it from $310 to $400 and Cantor Fitzgerald raising it from $312 to $406, reflecting a strong positive outlook for the stock.

Covea Finance increased its stake in MongoDB, Inc. (NASDAQ:MDB - Free Report) by 48.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 42,200 shares of the company's stock after purchasing an additional 13,800 shares during the quarter. Covea Finance owned about 0.05% of MongoDB worth $8,862,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Jericho Capital Asset Management L.P. purchased a new position in MongoDB during the first quarter worth about $161,543,000. Primecap Management Co. CA increased its stake in MongoDB by 863.5% in the 1st quarter. Primecap Management Co. CA now owns 870,550 shares of the company's stock worth $152,694,000 after acquiring an additional 780,200 shares during the last quarter. Westfield Capital Management Co. LP bought a new position in MongoDB in the 1st quarter worth about $128,706,000. Vanguard Group Inc. increased its stake in MongoDB by 6.6% in the 1st quarter. Vanguard Group Inc. now owns 7,809,768 shares of the company's stock worth $1,369,833,000 after acquiring an additional 481,023 shares during the last quarter. Finally, Alyeska Investment Group L.P. increased its stake in MongoDB by 425.6% in the 1st quarter. Alyeska Investment Group L.P. now owns 556,144 shares of the company's stock worth $97,548,000 after acquiring an additional 450,336 shares during the last quarter. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Dev Ittycheria sold 33,320 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer owned 203,237 shares in the company, valued at approximately $61,233,275.73. This trade represents a 14.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Thomas Bull sold 1,000 shares of the stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $326.25, for a total value of $326,250.00. Following the sale, the chief accounting officer owned 11,598 shares of the company's stock, valued at $3,783,847.50. This represents a 7.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 59,730 shares of company stock valued at $16,441,331 in the last three months. 3.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

MDB has been the topic of a number of research analyst reports. Guggenheim upped their target price on MongoDB from $310.00 to $400.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. Needham & Company LLC upped their target price on MongoDB from $325.00 to $365.00 and gave the stock a "buy" rating in a research note on Friday. Cantor Fitzgerald upped their target price on MongoDB from $312.00 to $406.00 and gave the stock an "overweight" rating in a research note on Thursday, September 18th. DA Davidson upped their target price on MongoDB from $325.00 to $365.00 and gave the stock a "buy" rating in a research note on Thursday, September 18th. Finally, Stephens began coverage on MongoDB in a research report on Friday, July 18th. They set an "equal weight" rating and a $247.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $336.83.

MongoDB Trading Up 0.0%

MongoDB stock opened at $323.59 on Tuesday. The stock has a fifty day simple moving average of $260.02 and a two-hundred day simple moving average of $212.85. MongoDB, Inc. has a 12 month low of $140.78 and a 12 month high of $370.00. The firm has a market cap of $26.33 billion, a price-to-earnings ratio of -330.19 and a beta of 1.49.

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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