Sierra Summit Advisors LLC Invests $3.75 Million in MongoDB, Inc. (NASDAQ:MDB)

Key Points

• Sierra Summit Advisors LLC acquired 21,374 shares of MongoDB, Inc. for approximately $3.75 million during the first quarter, highlighting a significant investment in the database company.
• Institutional investors currently own 89.29% of MongoDB stock, indicating strong institutional confidence and ownership in the company.
• MongoDB reported a 21.8% year-over-year revenue increase for the last quarter, with earnings per share of $1.00, beating consensus estimates by $0.35.

Sierra Summit Advisors LLC acquired a new stake in MongoDB, Inc. (NASDAQ:MDB - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 21,374 shares of the company's stock, valued at approximately $3,749,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of MDB. Cynosure Group LLC raised its stake in MongoDB by 46.3% in the 1st quarter. Cynosure Group LLC now owns 1,796 shares of the company's stock worth $315,000 after purchasing an additional 568 shares in the last quarter. Keystone Investors PTE Ltd. acquired a new stake in MongoDB in the 1st quarter worth about $430,000. Swiss National Bank raised its stake in MongoDB by 0.7% in the 1st quarter. Swiss National Bank now owns 210,100 shares of the company's stock worth $36,852,000 after purchasing an additional 1,400 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in MongoDB by 9.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 63,997 shares of the company's stock worth $11,225,000 after purchasing an additional 5,531 shares in the last quarter. Finally, Battery Global Advisors LLC raised its stake in MongoDB by 75.6% in the 1st quarter. Battery Global Advisors LLC now owns 3,590 shares of the company's stock worth $630,000 after purchasing an additional 1,545 shares in the last quarter. Institutional investors own 89.29% of the company's stock.

Analyst Upgrades and Downgrades

MDB has been the subject of several analyst reports. Loop Capital cut shares of MongoDB from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $350.00 to $190.00 in a research note on Tuesday, May 20th. Macquarie restated a "neutral" rating and issued a $230.00 target price (up from $215.00) on shares of MongoDB in a research report on Friday, June 6th. Rosenblatt Securities dropped their target price on shares of MongoDB from $305.00 to $290.00 and set a "buy" rating for the company in a research report on Thursday, June 5th. Stephens started coverage on shares of MongoDB in a research report on Friday, July 18th. They issued an "equal weight" rating and a $247.00 target price for the company. Finally, Mizuho dropped their target price on shares of MongoDB from $250.00 to $190.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Nine investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $281.31.

MongoDB Stock Performance

Shares of NASDAQ:MDB traded down $8.18 during trading on Monday, reaching $201.00. The stock had a trading volume of 3,126,685 shares, compared to its average volume of 2,268,139. The firm's fifty day moving average is $215.42 and its 200 day moving average is $210.45. MongoDB, Inc. has a 52 week low of $140.78 and a 52 week high of $370.00. The stock has a market cap of $16.42 billion, a price-to-earnings ratio of -176.32 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 (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.35. MongoDB had a negative net margin of 4.09% and a negative return on equity of 3.16%. The business 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 earned $0.51 earnings per share. MongoDB's revenue was up 21.8% on a year-over-year basis. On average, research analysts forecast that MongoDB, Inc. will post -1.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Dev Ittycheria sold 8,335 shares of the business's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $243.89, for a total transaction of $2,032,823.15. Following the completion of the transaction, the chief executive officer owned 236,557 shares of the company's stock, valued at approximately $57,693,886.73. The trade was a 3.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dwight A. Merriman sold 1,000 shares of the business's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $245.00, for a total transaction of $245,000.00. Following the transaction, the director directly owned 1,104,316 shares of the company's stock, valued at approximately $270,557,420. This represents a 0.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,416 shares of company stock valued at $11,936,656. Company insiders own 3.10% of the company's stock.

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.