Zevenbergen Capital Investments LLC Trims Stake in MongoDB, Inc. $MDB

Key Points

• Zevenbergen Capital Investments LLC has reduced its stake in MongoDB, Inc. by 54.4%, now holding 30,000 shares valued at approximately $6.3 million.
• Multiple analysts have set price targets for MongoDB shares, with JMP Securities and Royal Bank of Canada suggesting targets of $345.00 and $350.00, respectively, while Loop Capital downgraded their target significantly to $190.00.
• Recent insider selling includes Director Dwight A. Merriman and CAO Thomas Bull, who sold shares totaling over $550,000 combined, indicating a decrease in ownership percentages.

Zevenbergen Capital Investments LLC decreased its stake in MongoDB, Inc. (NASDAQ:MDB - Free Report) by 54.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,000 shares of the company's stock after selling 35,790 shares during the quarter. Zevenbergen Capital Investments LLC's holdings in MongoDB were worth $6,300,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Cloud Capital Management LLC purchased a new stake in shares of MongoDB in the first quarter worth about $25,000. Hollencrest Capital Management purchased a new stake in shares of MongoDB in the first quarter worth about $26,000. Cullen Frost Bankers Inc. boosted its stake in shares of MongoDB by 315.8% in the first quarter. Cullen Frost Bankers Inc. now owns 158 shares of the company's stock worth $28,000 after buying an additional 120 shares during the last quarter. State of Wyoming purchased a new position in MongoDB during the first quarter worth approximately $62,000. Finally, Brooklyn Investment Group boosted its position in MongoDB by 247.9% during the first quarter. Brooklyn Investment Group now owns 407 shares of the company's stock worth $71,000 after purchasing an additional 290 shares in the last quarter. Hedge funds and other institutional investors own 89.29% of the company's stock.

MongoDB Price Performance

Shares of NASDAQ:MDB traded down $2.00 during midday trading on Friday, hitting $330.10. The company had a trading volume of 1,282,574 shares, compared to its average volume of 3,906,029. MongoDB, Inc. has a twelve month low of $140.78 and a twelve month high of $370.00. The stock has a market cap of $26.86 billion, a price-to-earnings ratio of -336.84 and a beta of 1.49. The business's 50-day simple moving average is $246.21 and its 200-day simple moving average is $209.25.

Insiders Place Their Bets

In other news, Director Charles M. Hazard, Jr. sold 166 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $310.00, for a total transaction of $51,460.00. Following the completion of the transaction, the director directly owned 14,493 shares in the company, valued at $4,492,830. This trade represents a 1.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Dev Ittycheria sold 33,320 shares of the firm's 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 transaction, the chief executive officer owned 203,237 shares of the company's stock, valued at approximately $61,233,275.73. This represents a 14.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,730 shares of company stock worth $16,292,409 in the last three months. 3.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MDB. Stephens began 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. UBS Group increased their price target on MongoDB from $240.00 to $310.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 27th. Truist Financial increased their target price on MongoDB from $275.00 to $330.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Monness Crespi & Hardt increased their target price on MongoDB from $295.00 to $360.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Finally, DA Davidson increased their target price on MongoDB from $275.00 to $325.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. One 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 MarketBeat, MongoDB currently has an average rating of "Moderate Buy" and a consensus target price of $310.86.

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.