MongoDB, Inc. $MDB Stake Lessened by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC reduced its stake in MongoDB, Inc. by 32% in the first quarter, selling 151,601 shares and retaining 322,418 shares, valued at approximately $56.6 million.
• A number of analysts have raised their price targets for MongoDB, with Cantor Fitzgerald increasing it to $312 and Citigroup to $425, reflecting a positive outlook on the stock.
• Insider trading activity included Director Dwight A. Merriman selling 1,000 shares for $245,000 and CEO Dev Ittycheria selling 33,320 shares for over $10 million, indicating significant insider transactions in recent months.

Voya Investment Management LLC cut its holdings in shares of MongoDB, Inc. (NASDAQ:MDB - Free Report) by 32.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 322,418 shares of the company's stock after selling 151,601 shares during the period. Voya Investment Management LLC owned approximately 0.39% of MongoDB worth $56,552,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of MongoDB by 6.6% during the first quarter. Vanguard Group Inc. now owns 7,809,768 shares of the company's stock worth $1,369,833,000 after buying an additional 481,023 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of MongoDB by 11.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,271,444 shares of the company's stock valued at $223,011,000 after purchasing an additional 129,451 shares during the period. Amundi increased its position in shares of MongoDB by 53.0% during the 1st quarter. Amundi now owns 1,061,457 shares of the company's stock valued at $173,378,000 after purchasing an additional 367,717 shares during the period. Jericho Capital Asset Management L.P. acquired a new position in shares of MongoDB during the 1st quarter valued at $161,543,000. Finally, Primecap Management Co. CA increased its position in shares of MongoDB by 863.5% during the 1st quarter. Primecap Management Co. CA now owns 870,550 shares of the company's stock valued at $152,694,000 after purchasing an additional 780,200 shares during the period. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MDB has been the topic of several research analyst reports. Stephens initiated coverage on MongoDB in a research report on Friday, July 18th. They set an "equal weight" rating and a $247.00 price target on the stock. DA Davidson lifted their price target on MongoDB from $275.00 to $325.00 and gave the company a "buy" rating in a research report on Wednesday, August 27th. Wolfe Research lifted their price target on MongoDB from $280.00 to $350.00 and gave the company an "outperform" rating in a research report on Wednesday, August 27th. Guggenheim lifted their price target on MongoDB from $260.00 to $310.00 and gave the company a "buy" rating in a research report on Wednesday, August 27th. Finally, Citigroup increased their price objective on MongoDB from $405.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, MongoDB presently has a consensus rating of "Moderate Buy" and an average price target of $310.86.

Insiders Place Their Bets

In other news, CEO Dev Ittycheria sold 33,320 shares of the stock in a transaction 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 completion of the sale, the chief executive officer owned 203,237 shares in the company, valued at $61,233,275.73. This represents a 14.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dwight A. Merriman sold 1,000 shares of the stock in a transaction on Friday, July 25th. The shares were sold at an average price of $245.00, for a total value of $245,000.00. Following the completion of the sale, the director owned 1,104,316 shares of the company's stock, valued at $270,557,420. The trade was a 0.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,730 shares of company stock worth $16,292,409 over the last three months. Company insiders own 3.10% of the company's stock.

MongoDB Price Performance

Shares of NASDAQ:MDB traded down $2.00 on Friday, reaching $330.10. 1,282,574 shares of the company traded hands, compared to its average volume of 3,906,029. MongoDB, Inc. has a fifty-two week low of $140.78 and a fifty-two week high of $370.00. The company's 50 day moving average is $246.21 and its 200-day moving average is $209.25.

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.