Pictet Asset Management Holding SA Decreases Stake in MongoDB, Inc. $MDB

Key Points

• Pictet Asset Management reduced its stake in MongoDB by 13.7% in Q4, selling 46,414 shares and now holds 293,251 shares (about 0.36%) valued at approximately $123.08 million.
• Several brokerages cut price targets in early March (e.g., Wedbush, Piper Sandler, Goldman), but the consensus remains a Moderate Buy with an average price target of $361.97 (26 Buy, 7 Hold, 3 Sell).
• MongoDB beat quarterly estimates (EPS $1.65 vs. $1.47; revenue $695.1M, up 26.8% YoY) yet still shows a negative net margin and ROE, while insiders have sold about 14,756 shares (~$3.73M) in the last 90 days.

Pictet Asset Management Holding SA reduced its stake in MongoDB, Inc. (NASDAQ:MDB - Free Report) by 13.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 293,251 shares of the company's stock after selling 46,414 shares during the quarter. Pictet Asset Management Holding SA owned about 0.36% of MongoDB worth $123,075,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cramer Rosenthal Mcglynn LLC raised its position in shares of MongoDB by 897.7% in the 3rd quarter. Cramer Rosenthal Mcglynn LLC now owns 57,795 shares of the company's stock valued at $17,938,000 after purchasing an additional 52,002 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of MongoDB by 1,277.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,219 shares of the company's stock valued at $5,655,000 after purchasing an additional 16,896 shares during the last quarter. Pacer Advisors Inc. raised its position in shares of MongoDB by 209.0% in the 3rd quarter. Pacer Advisors Inc. now owns 4,549 shares of the company's stock valued at $1,412,000 after purchasing an additional 3,077 shares during the last quarter. Penserra Capital Management LLC raised its position in shares of MongoDB by 42.1% in the 3rd quarter. Penserra Capital Management LLC now owns 135,036 shares of the company's stock valued at $41,910,000 after purchasing an additional 39,978 shares during the last quarter. Finally, Pinegrove Venture Partners LLC purchased a new position in shares of MongoDB in the 3rd quarter valued at approximately $1,032,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MDB. Wedbush decreased their price objective on shares of MongoDB from $440.00 to $380.00 and set an "outperform" rating for the company in a research report on Tuesday, March 3rd. Monness Crespi & Hardt decreased their price objective on shares of MongoDB from $475.00 to $370.00 and set a "buy" rating for the company in a research report on Tuesday, March 3rd. Piper Sandler decreased their price objective on shares of MongoDB from $490.00 to $330.00 and set an "overweight" rating for the company in a research report on Tuesday, March 3rd. The Goldman Sachs Group decreased their price objective on shares of MongoDB from $475.00 to $320.00 and set a "buy" rating for the company in a research report on Wednesday, March 4th. Finally, Truist Financial reduced their price target on shares of MongoDB from $500.00 to $375.00 and set a "buy" rating for the company in a research report on Tuesday, March 3rd. Twenty-six investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $361.97.

Insider Buying and Selling

In other news, Director Hope F. Cochran sold 1,566 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $249.33, for a total transaction of $390,450.78. Following the sale, the director owned 24,093 shares of the company's stock, valued at $6,007,107.69. This trade represents a 6.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dwight A. Merriman sold 4,000 shares of the firm's stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $252.33, for a total transaction of $1,009,320.00. Following the sale, the director directly owned 476,896 shares in the company, valued at $120,335,167.68. The trade was a 0.83% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 14,756 shares of company stock worth $3,734,893 in the last ninety days. Corporate insiders own 3.10% of the company's stock.

MongoDB Trading Up 4.3%

MDB opened at $264.38 on Tuesday. MongoDB, Inc. has a 12-month low of $167.19 and a 12-month high of $444.72. The firm has a market capitalization of $21.25 billion, a PE ratio of -300.43 and a beta of 1.60. The firm has a 50 day moving average of $270.98 and a two-hundred day moving average of $339.02.

MongoDB (NASDAQ:MDB - Get Free Report) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.47 by $0.18. MongoDB had a negative net margin of 2.89% and a negative return on equity of 1.03%. The company had revenue of $695.07 million during the quarter, compared to analyst estimates of $669.40 million. During the same period last year, the firm posted $1.28 EPS. MongoDB's revenue for the quarter was up 26.8% compared to the same quarter last year. As a group, analysts predict that MongoDB, Inc. will post -0.46 EPS for the current fiscal year.

MongoDB Profile

MongoDB, Inc is a software company best known for developing MongoDB, a general-purpose, document-oriented database designed for modern application development. The company's platform is built to support high-performance, scalable data storage and retrieval for use cases such as cloud-native applications, mobile backends, real-time analytics, and content management. MongoDB offers a mix of open-source software, commercial server distributions, and subscription-based services that include technical support, training and professional services.

The company traces its origins to 2007 when it was founded as 10gen by Dwight Merriman and Eliot Horowitz; it later adopted the MongoDB name and completed a public listing in 2017.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.