Independence Bank of Kentucky Takes $266,000 Position in MongoDB, Inc. $MDB

Key Points

• Independence Bank of Kentucky has purchased a new stake in MongoDB, Inc. (NASDAQ: MDB) worth approximately $266,000, acquiring 1,265 shares during the second quarter.
• Recent analyst reports have increased price targets for MongoDB, with BMO Capital Markets setting a new target of $365 and Piper Sandler raising theirs to $400.
• Insider transactions show significant selling activity, with directors selling over 109,910 shares collectively in the past 90 days, representing a notable decline in their holdings.

Independence Bank of Kentucky bought a new stake in MongoDB, Inc. (NASDAQ:MDB - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,265 shares of the company's stock, valued at approximately $266,000.

A number of other institutional investors also recently bought and sold shares of MDB. Two Sigma Investments LP bought a new position in MongoDB in the fourth quarter valued at about $768,000. Versant Capital Management Inc lifted its holdings in MongoDB by 237.2% in the first quarter. Versant Capital Management Inc now owns 607 shares of the company's stock valued at $106,000 after acquiring an additional 427 shares during the period. GAMMA Investing LLC lifted its holdings in MongoDB by 19,491.2% in the first quarter. GAMMA Investing LLC now owns 33,501 shares of the company's stock valued at $5,876,000 after acquiring an additional 33,330 shares during the period. Rhumbline Advisers lifted its holdings in MongoDB by 0.4% in the first quarter. Rhumbline Advisers now owns 97,481 shares of the company's stock valued at $17,098,000 after acquiring an additional 343 shares during the period. Finally, Fulton Bank N.A. lifted its holdings in MongoDB by 10.9% in the first quarter. Fulton Bank N.A. now owns 1,356 shares of the company's stock valued at $238,000 after acquiring an additional 133 shares during the period. Institutional investors own 89.29% of the company's stock.

Analysts Set New Price Targets

MDB has been the topic of several recent research reports. BMO Capital Markets raised their price objective on MongoDB from $315.00 to $365.00 and gave the stock an "outperform" rating in a research note on Thursday, September 18th. Canaccord Genuity Group raised their price objective on MongoDB from $340.00 to $375.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Piper Sandler raised their price objective on MongoDB from $345.00 to $400.00 and gave the stock an "overweight" rating in a research note on Thursday, September 18th. Needham & Company LLC raised their price objective on MongoDB from $325.00 to $365.00 and gave the stock a "buy" rating in a research note on Friday, September 19th. Finally, Guggenheim raised their price objective on MongoDB from $310.00 to $400.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, MongoDB has a consensus rating of "Moderate Buy" and a consensus target price of $336.83.

MongoDB Trading Down 0.4%

NASDAQ:MDB opened at $317.00 on Tuesday. The stock has a market capitalization of $25.79 billion, a P/E ratio of -323.47 and a beta of 1.49. The stock has a 50-day moving average price of $270.12 and a 200 day moving average price of $217.34. MongoDB, Inc. has a 12-month low of $140.78 and a 12-month high of $370.00.

Insider Transactions 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 Wednesday, September 17th. The stock was sold at an average price of $327.93, for a total transaction of $384,989.82. Following the completion of the transaction, the director owned 24,308 shares in the company, valued at $7,971,322.44. This trade represents a 4.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Peter Thomas Killalea sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $321.87, for a total value of $6,437,400.00. Following the transaction, the director owned 32,293 shares of the company's stock, valued at $10,394,147.91. This represents a 38.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 109,910 shares of company stock worth $32,634,392. 3.10% of the stock is owned by corporate insiders.

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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