Bank of Nova Scotia Sells 8,980 Shares of MongoDB, Inc. (NASDAQ:MDB)

Key Points

• Bank of Nova Scotia reduced its holdings in MongoDB by 77.1% during the first quarter, owning only 2,660 shares valued at approximately $467,000 afterward.
• Several institutional investors, including Banco Santander and PNC Financial Services, reported increases in their stakes in MongoDB, with ownership by institutional investors now at 89.29%.
• MongoDB reported earnings of $1.00 per share for the last quarter, exceeding analyst expectations and marking a 21.8% year-over-year revenue growth to $549.01 million.

Bank of Nova Scotia decreased its position in MongoDB, Inc. (NASDAQ:MDB - Free Report) by 77.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,660 shares of the company's stock after selling 8,980 shares during the quarter. Bank of Nova Scotia's holdings in MongoDB were worth $467,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in MDB. Cloud Capital Management LLC acquired a new position in MongoDB during the 1st quarter valued at approximately $25,000. Hollencrest Capital Management acquired a new position in MongoDB during the 1st quarter valued at approximately $26,000. Cullen Frost Bankers Inc. boosted its position in MongoDB by 315.8% during the 1st quarter. Cullen Frost Bankers Inc. now owns 158 shares of the company's stock valued at $28,000 after purchasing an additional 120 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in MongoDB during the 4th quarter valued at approximately $29,000. Finally, Coppell Advisory Solutions LLC boosted its position in MongoDB by 364.0% during the 4th quarter. Coppell Advisory Solutions LLC now owns 232 shares of the company's stock valued at $54,000 after purchasing an additional 182 shares during the period. Institutional investors and hedge funds own 89.29% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Wolfe Research assumed coverage on MongoDB in a research report on Wednesday, July 9th. They set an "outperform" rating and a $280.00 price target for the company. Needham & Company LLC reiterated a "buy" rating and set a $270.00 price target on shares of MongoDB in a research report on Thursday, June 5th. Monness Crespi & Hardt upgraded MongoDB from a "neutral" rating to a "buy" rating and set a $295.00 price target for the company in a research report on Thursday, June 5th. UBS Group boosted their price target on MongoDB from $213.00 to $240.00 and gave the stock a "neutral" rating in a research report on Thursday, June 5th. Finally, Loop Capital lowered MongoDB from a "buy" rating to a "hold" rating and reduced their price target for the stock from $350.00 to $190.00 in a research report on Tuesday, May 20th. Nine equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $281.31.

Insiders Place Their Bets

In other MongoDB news, Director Dwight A. Merriman sold 2,000 shares of the company's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $234.00, for a total value of $468,000.00. Following the transaction, the director directly owned 1,107,006 shares of the company's stock, valued at $259,039,404. This represents a 0.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Dev Ittycheria sold 25,005 shares of the company's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $234.00, for a total value of $5,851,170.00. Following the completion of the transaction, the chief executive officer directly owned 256,974 shares in the company, valued at approximately $60,131,916. The trade was a 8.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 51,416 shares of company stock valued at $11,936,656 in the last three months. Insiders own 3.10% of the company's stock.

MongoDB Trading Up 3.4%

MDB stock traded up $6.82 during mid-day trading on Tuesday, hitting $207.82. The stock had a trading volume of 2,962,935 shares, compared to its average volume of 2,319,940. MongoDB, Inc. has a 1-year low of $140.78 and a 1-year high of $370.00. The company has a fifty day moving average of $215.42 and a 200 day moving average of $210.45. The stock has a market capitalization of $16.98 billion, a price-to-earnings ratio of -182.30 and a beta of 1.44.

MongoDB (NASDAQ:MDB - Get Free Report) last issued its earnings results on Wednesday, June 4th. The company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.35. MongoDB had a negative return on equity of 3.16% and a negative net margin of 4.09%. The company had revenue of $549.01 million for the quarter, compared to analyst estimates of $527.49 million. During the same period in the prior year, the firm posted $0.51 EPS. The business's revenue was up 21.8% compared to the same quarter last year. As a group, sell-side analysts expect that MongoDB, Inc. will post -1.78 earnings per share for the current fiscal year.

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.