Red Spruce Capital LLC Purchases 1,426 Shares of MongoDB, Inc. $MDB

Key Points

• Red Spruce Capital LLC increased its stake in MongoDB by 11.8%, acquiring an additional 1,426 shares to bring its total holdings to 13,533 shares, valued at approximately $2.84 million.
• Recent analyst reports have generally been positive, with several firms setting price targets between $265.00 and $350.00, indicating a consensus moderate buy rating for the stock.
• About 89.29% of MongoDB's stock is currently held by institutional investors, highlighting strong confidence in the company's performance among these investors.

Red Spruce Capital LLC grew its position in shares of MongoDB, Inc. (NASDAQ:MDB - Free Report) by 11.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 13,533 shares of the company's stock after acquiring an additional 1,426 shares during the quarter. Red Spruce Capital LLC's holdings in MongoDB were worth $2,842,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MDB. JMP Securities restated a "market outperform" rating and set a $345.00 price target on shares of MongoDB in a report on Wednesday, August 27th. Truist Financial increased their price target on MongoDB from $275.00 to $330.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Royal Bank Of Canada restated an "outperform" rating and set a $350.00 price target on shares of MongoDB in a report on Tuesday, September 2nd. Needham & Company LLC increased their price target on MongoDB from $270.00 to $325.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Finally, Macquarie increased their target price on MongoDB from $230.00 to $265.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 27th. One equities research 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. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $310.86.

MongoDB Stock Down 0.6%

MDB stock opened at $330.10 on Monday. The business's fifty day simple moving average is $246.21 and its two-hundred day simple moving average is $209.25. MongoDB, Inc. has a twelve month low of $140.78 and a twelve month high of $370.00. The firm has a market cap of $26.86 billion, a price-to-earnings ratio of -336.84 and a beta of 1.49.

Insider Activity

In other news, Director Hope F. Cochran sold 1,174 shares of the firm's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $201.08, for a total transaction of $236,067.92. Following the transaction, the director owned 21,096 shares in the company, valued at approximately $4,241,983.68. This trade represents a 5.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Charles M. Hazard, Jr. sold 833 shares of the firm's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $310.00, for a total value of $258,230.00. Following the transaction, the director owned 47,366 shares in the company, valued at approximately $14,683,460. This represents a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,730 shares of company stock valued at $16,292,409. 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.

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