Primecap Management Co. CA Buys 780,200 Shares of MongoDB, Inc. (NASDAQ:MDB)

Key Points

• Primecap Management Co. CA increased its stake in MongoDB by 863.5%, acquiring an additional 780,200 shares, bringing its total ownership to 870,550 shares valued at approximately $152.7 million.
• MongoDB's recent quarterly earnings beat expectations, reporting earnings per share of $1.00 compared to an anticipated $0.65, and revenues increased 21.8% year-over-year to $549.01 million.
• The stock has received 27 buy ratings and 9 hold ratings from analysts, with a current average price target of $281.31.

Primecap Management Co. CA lifted its stake in shares of MongoDB, Inc. (NASDAQ:MDB - Free Report) by 863.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 870,550 shares of the company's stock after purchasing an additional 780,200 shares during the period. Primecap Management Co. CA owned 1.07% of MongoDB worth $152,694,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in MongoDB by 6.6% during the 1st quarter. Vanguard Group Inc. now owns 7,809,768 shares of the company's stock worth $1,369,833,000 after acquiring an additional 481,023 shares during the period. First Trust Advisors LP boosted its holdings in shares of MongoDB by 12.6% in the 4th quarter. First Trust Advisors LP now owns 854,906 shares of the company's stock worth $199,031,000 after purchasing an additional 95,893 shares in the last quarter. Westfield Capital Management Co. LP bought a new stake in shares of MongoDB in the 1st quarter worth approximately $128,706,000. T. Rowe Price Investment Management Inc. boosted its position in MongoDB by 0.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 508,886 shares of the company's stock valued at $118,474,000 after buying an additional 2,350 shares during the period. Finally, Marshall Wace LLP purchased a new position in MongoDB in the 4th quarter worth approximately $110,356,000. 89.29% of the stock is currently owned by institutional investors.

MongoDB Trading Down 8.2%

Shares of NASDAQ:MDB traded down $18.68 during midday trading on Friday, reaching $209.18. 4,177,366 shares of the company were exchanged, compared to its average volume of 2,143,751. The stock has a market cap of $17.09 billion, a PE ratio of -183.49 and a beta of 1.44. The business's fifty day moving average is $215.26 and its two-hundred day moving average is $211.56. MongoDB, Inc. has a one year low of $140.78 and a one year high of $370.00.

MongoDB (NASDAQ:MDB - Get Free Report) last issued its quarterly earnings data on Wednesday, June 4th. The company reported $1.00 earnings per share (EPS) 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 business had revenue of $549.01 million for the quarter, compared to analysts' expectations of $527.49 million. During the same period in the prior year, the firm earned $0.51 EPS. The company's revenue for the quarter was up 21.8% on a year-over-year basis. As a group, sell-side analysts expect that MongoDB, Inc. will post -1.78 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Wolfe Research assumed coverage on shares of MongoDB in a research note on Wednesday, July 9th. They set an "outperform" rating and a $280.00 price objective for the company. Royal Bank Of Canada restated an "outperform" rating and issued a $320.00 price objective on shares of MongoDB in a report on Thursday, June 5th. Wedbush restated an "outperform" rating and set a $300.00 price target on shares of MongoDB in a report on Thursday, June 5th. Redburn Atlantic upgraded shares of MongoDB from a "sell" rating to a "neutral" rating and set a $170.00 price objective for the company in a report on Thursday, April 17th. Finally, Piper Sandler upped their target price on shares of MongoDB from $200.00 to $275.00 and gave the company an "overweight" rating in a research note on Thursday, June 5th. Nine analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $281.31.

Insiders Place Their Bets

In related news, Director Dwight A. Merriman sold 1,000 shares of the stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $245.00, for a total value of $245,000.00. Following the sale, the director directly owned 1,104,316 shares of the company's stock, valued at $270,557,420. This represents a 0.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Hope F. Cochran sold 1,174 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $201.08, for a total value of $236,067.92. Following the sale, the director directly owned 21,096 shares of the company's stock, valued at $4,241,983.68. This represents a 5.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,416 shares of company stock valued at $11,936,656 over the last ninety days. 3.10% of the stock is owned by insiders.

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.