Jericho Capital Asset Management L.P. Invests $161.54 Million in MongoDB, Inc. $MDB

Key Points

• Jericho Capital Asset Management L.P. purchased 921,000 shares of MongoDB, Inc. for approximately $161.5 million, making it the 15th largest position in their portfolio with about 2.9% ownership.
• Several large investors, including Cetera Investment Advisers and Deutsche Bank AG, have significantly increased their stakes in MongoDB during the previous quarter.
• Recent analyst ratings reflect strong confidence in MongoDB's performance, with a majority giving it a "Buy" or "Outperform" rating and an average price target of $310.86.

Jericho Capital Asset Management L.P. acquired a new position in MongoDB, Inc. (NASDAQ:MDB - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 921,000 shares of the company's stock, valued at approximately $161,543,000. MongoDB accounts for 2.9% of Jericho Capital Asset Management L.P.'s investment portfolio, making the stock its 15th largest position. Jericho Capital Asset Management L.P. owned about 1.13% of MongoDB at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Greenhouse Funds LLLP purchased a new stake in MongoDB in the 1st quarter worth approximately $18,233,000. HMI Capital Management L.P. purchased a new stake in MongoDB during the 1st quarter valued at approximately $13,909,000. Curi RMB Capital LLC grew its holdings in MongoDB by 9.3% during the 1st quarter. Curi RMB Capital LLC now owns 35,977 shares of the company's stock valued at $6,310,000 after buying an additional 3,076 shares in the last quarter. Brandywine Managers LLC grew its holdings in MongoDB by 22.5% during the 1st quarter. Brandywine Managers LLC now owns 3,501 shares of the company's stock valued at $614,000 after buying an additional 642 shares in the last quarter. Finally, Banque Transatlantique SA purchased a new stake in MongoDB during the 1st quarter valued at approximately $452,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

MongoDB Stock Performance

Shares of NASDAQ MDB traded down $1.45 during mid-day trading on Monday, reaching $323.29. 1,234,698 shares of the company's stock were exchanged, compared to its average volume of 2,527,672. The firm has a market capitalization of $26.30 billion, a price-to-earnings ratio of -329.89 and a beta of 1.49. MongoDB, Inc. has a 52-week low of $140.78 and a 52-week high of $370.00. The company's 50-day moving average is $234.03 and its 200-day moving average is $207.01.

Insider Buying and Selling

In other news, Director Dwight A. Merriman sold 1,000 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $245.00, for a total transaction of $245,000.00. Following the sale, the director owned 1,104,316 shares of the company's stock, valued at approximately $270,557,420. This trade represents a 0.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Dev Ittycheria sold 33,320 shares of MongoDB stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $301.29, for a total value of $10,038,982.80. Following the transaction, the chief executive officer directly owned 203,237 shares in the company, valued at approximately $61,233,275.73. This trade represents a 14.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 58,730 shares of company stock worth $15,966,159 over the last 90 days. 3.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on MDB. The Goldman Sachs Group increased their price objective on shares of MongoDB from $270.00 to $325.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Macquarie raised their price target on MongoDB from $230.00 to $265.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 27th. Cantor Fitzgerald lifted their target price on MongoDB from $271.00 to $312.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 27th. Stephens started coverage on MongoDB in a research report on Friday, July 18th. They set an "equal weight" rating and a $247.00 target price for the company. Finally, Morgan Stanley lifted their target price on MongoDB from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $310.86.

MongoDB Company Profile

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.