MongoDB, Inc. $MDB Stock Position Lowered by Polar Asset Management Partners Inc.

Key Points

• Polar Asset Management reduced its stake in MongoDB, Inc. by 1.6% during Q1 2023, now holding approximately 0.08% of the company valued at about $10.7 million.
• Multiple firms have recently upgraded MongoDB's stock ratings and price targets, with BMO Capital Markets raising their target from $280 to $315, indicating a generally positive outlook among analysts.
• MongoDB's latest earnings report showed an EPS of $1.00, exceeding expectations, with revenue rising by 21.8% year-over-year.

Polar Asset Management Partners Inc. trimmed its stake in MongoDB, Inc. (NASDAQ:MDB - Free Report) by 1.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 61,100 shares of the company's stock after selling 1,000 shares during the quarter. Polar Asset Management Partners Inc. owned approximately 0.08% of MongoDB worth $10,717,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Cloud Capital Management LLC acquired a new stake in MongoDB during the first quarter valued at $25,000. Hollencrest Capital Management bought a new stake in shares of MongoDB in the 1st quarter valued at approximately $26,000. Cullen Frost Bankers Inc. grew its position in MongoDB by 315.8% during the 1st quarter. Cullen Frost Bankers Inc. now owns 158 shares of the company's stock worth $28,000 after acquiring an additional 120 shares during the last quarter. State of Wyoming bought a new stake in MongoDB during the 1st quarter worth approximately $62,000. Finally, Brooklyn Investment Group grew its position in MongoDB by 247.9% during the 1st quarter. Brooklyn Investment Group now owns 407 shares of the company's stock worth $71,000 after acquiring an additional 290 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MDB. BMO Capital Markets increased their price target on MongoDB from $280.00 to $315.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 27th. UBS Group upped their price objective on MongoDB from $240.00 to $310.00 and gave the stock a "neutral" rating in a report on Wednesday, August 27th. DA Davidson increased their price target on MongoDB from $275.00 to $325.00 and gave the company a "buy" rating in a research note on Wednesday, August 27th. Canaccord Genuity Group increased their price target on MongoDB from $320.00 to $340.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Finally, JMP Securities reissued a "market outperform" rating and issued a $345.00 price target on shares of MongoDB in a research note on Wednesday, August 27th. One 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $310.86.

MongoDB Trading Up 2.9%

MDB stock opened at $322.05 on Friday. The stock has a 50-day moving average price of $231.73 and a two-hundred day moving average price of $208.01. The stock has a market cap of $26.31 billion, a PE ratio of -328.62 and a beta of 1.49. MongoDB, Inc. has a 1 year low of $140.78 and a 1 year high of $370.00.

MongoDB (NASDAQ:MDB - Get Free Report) last released its earnings results on Wednesday, June 4th. The company reported $1.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.65 by $0.35. The firm had revenue of $549.01 million during the quarter, compared to analysts' expectations of $527.49 million. MongoDB had a negative return on equity of 1.67% and a negative net margin of 3.54%.The company's revenue was up 21.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.51 EPS. On average, analysts forecast that MongoDB, Inc. will post -1.78 earnings per share for the current fiscal year.

Insider Transactions at MongoDB

In other MongoDB news, Director Hope F. Cochran sold 1,174 shares of the stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $201.08, for a total transaction of $236,067.92. Following the completion of the transaction, the director owned 21,096 shares in the company, valued at approximately $4,241,983.68. This represents a 5.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dwight A. Merriman sold 1,000 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $225.00, for a total value of $225,000.00. Following the completion of the transaction, the director owned 1,105,316 shares of the company's stock, valued at $248,696,100. The trade was a 0.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 58,730 shares of company stock worth $15,966,159 in the last 90 days. Company insiders own 3.10% of the company's stock.

MongoDB 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.

Want to see what other hedge funds are holding MDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MongoDB, Inc. (NASDAQ:MDB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.