Peregrine Investment Management Inc. Boosts Stake in MongoDB, Inc. $MDB

Key Points

• Peregrine Investment Management Inc. increased its stake in MongoDB by 16.2%, owning 22,000 shares valued at $4.62 million, making it the 17th largest position in their portfolio.
• Other institutional investors, including Covea Finance and Assenagon Asset Management, also raised their stakes significantly, contributing to 89.29% of MongoDB's ownership being held by institutional investors.
• Analysts have revised their target prices for MongoDB, with several firms setting targets as high as $400, resulting in an average price target of $336.83 and a consensus rating of "Moderate Buy."

Peregrine Investment Management Inc. grew its stake in shares of MongoDB, Inc. (NASDAQ:MDB - Free Report) by 16.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 22,000 shares of the company's stock after buying an additional 3,060 shares during the quarter. MongoDB accounts for 3.0% of Peregrine Investment Management Inc.'s investment portfolio, making the stock its 17th biggest position. Peregrine Investment Management Inc.'s holdings in MongoDB were worth $4,620,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Covea Finance raised its position in shares of MongoDB by 48.6% during the 2nd quarter. Covea Finance now owns 42,200 shares of the company's stock valued at $8,862,000 after buying an additional 13,800 shares in the last quarter. Palacios Wealth Management LLC raised its position in shares of MongoDB by 26.0% during the 2nd quarter. Palacios Wealth Management LLC now owns 2,930 shares of the company's stock valued at $615,000 after buying an additional 605 shares in the last quarter. Avanza Fonder AB bought a new position in shares of MongoDB during the 2nd quarter valued at $728,000. Farther Finance Advisors LLC grew its holdings in shares of MongoDB by 6.8% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,327 shares of the company's stock valued at $279,000 after purchasing an additional 85 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of MongoDB by 86.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 690,190 shares of the company's stock valued at $144,933,000 after purchasing an additional 320,877 shares during the last quarter. Hedge funds and other institutional investors own 89.29% of the company's stock.

MongoDB Price Performance

NASDAQ:MDB opened at $318.96 on Wednesday. MongoDB, Inc. has a one year low of $140.78 and a one year high of $370.00. The company's 50-day simple moving average is $262.23 and its 200 day simple moving average is $213.58. The firm has a market capitalization of $25.95 billion, a P/E ratio of -325.47 and a beta of 1.49.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MDB shares. Wedbush increased their target price on shares of MongoDB from $300.00 to $400.00 and gave the company an "outperform" rating in a report on Monday, September 15th. Robert W. Baird increased their target price on shares of MongoDB from $260.00 to $335.00 and gave the company an "outperform" rating in a report on Wednesday, August 27th. William Blair reaffirmed an "outperform" rating on shares of MongoDB in a report on Thursday, June 26th. Oppenheimer increased their target price on shares of MongoDB from $325.00 to $385.00 and gave the company an "outperform" rating in a report on Thursday, September 18th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $350.00 price target on shares of MongoDB in a report on Thursday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $336.83.

Insider Activity

In other MongoDB news, CAO Thomas Bull sold 1,000 shares of MongoDB stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $326.25, for a total value of $326,250.00. Following the completion of the transaction, the chief accounting officer directly owned 11,598 shares of the company's stock, valued at approximately $3,783,847.50. The trade was a 7.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dwight A. Merriman sold 25,000 shares of MongoDB stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $320.15, for a total transaction of $8,003,750.00. Following the completion of the transaction, the director directly owned 1,079,316 shares of the company's stock, valued at $345,543,017.40. This trade represents a 2.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 89,910 shares of company stock valued at $26,196,992 over the last ninety days. 3.10% of the stock is currently owned by corporate insiders.

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.

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