Sumitomo Mitsui Trust Group Inc. Reduces Stock Position in MongoDB, Inc. $MDB

Key Points

• Sumitomo Mitsui Trust Group trimmed its MongoDB stake by 2.7% in Q4 to 192,661 shares (about $80.86M), while institutional investors collectively own roughly 89.29% of the company.
• Insiders sold shares: Directors Dwight Merriman and Hope F. Cochran were among insiders who sold stock, with total insider sales of 3,895 shares (≈$1.27M) in the last 90 days, leaving insiders owning about 3.10%.
• Analysts remain broadly positive with a MarketBeat consensus rating of “Moderate Buy” and a consensus target of $360.03 despite several price-target cuts; MongoDB recently beat EPS and revenue estimates yet trades around $233.50, well below many targets.

Sumitomo Mitsui Trust Group Inc. cut its holdings in MongoDB, Inc. (NASDAQ:MDB - Free Report) by 2.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 192,661 shares of the company's stock after selling 5,315 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.24% of MongoDB worth $80,858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Central Pacific Bank Trust Division purchased a new stake in MongoDB in the 4th quarter worth approximately $28,000. Huntington National Bank increased its stake in shares of MongoDB by 110.9% during the third quarter. Huntington National Bank now owns 97 shares of the company's stock valued at $30,000 after buying an additional 51 shares during the period. TD Private Client Wealth LLC raised its holdings in shares of MongoDB by 2,825.0% during the third quarter. TD Private Client Wealth LLC now owns 117 shares of the company's stock valued at $36,000 after acquiring an additional 113 shares in the last quarter. Hollencrest Capital Management bought a new position in shares of MongoDB during the third quarter valued at approximately $37,000. Finally, Global Trust Asset Management LLC purchased a new stake in MongoDB in the fourth quarter worth $38,000. Hedge funds and other institutional investors own 89.29% of the company's stock.

Insider Activity at MongoDB

In other news, Director Dwight A. Merriman sold 1,190 shares of the firm's stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $369.75, for a total value of $440,002.50. Following the transaction, the director directly owned 80,462 shares in the company, valued at $29,750,824.50. This trade represents a 1.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Hope F. Cochran sold 1,566 shares of MongoDB stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $249.33, for a total value of $390,450.78. Following the completion of the sale, the director directly owned 24,093 shares of the company's stock, valued at $6,007,107.69. The trade was a 6.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 3,895 shares of company stock worth $1,272,738 in the last 90 days. 3.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MDB. Mizuho upgraded shares of MongoDB from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $290.00 to $325.00 in a report on Monday, March 23rd. Oppenheimer decreased their price objective on shares of MongoDB from $425.00 to $375.00 and set an "outperform" rating for the company in a report on Tuesday, March 3rd. Royal Bank Of Canada dropped their target price on shares of MongoDB from $500.00 to $395.00 and set an "outperform" rating for the company in a research report on Tuesday, March 3rd. Stifel Nicolaus cut their target price on shares of MongoDB from $450.00 to $330.00 and set a "buy" rating on the stock in a research note on Tuesday, March 3rd. Finally, UBS Group reduced their price target on shares of MongoDB from $440.00 to $275.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 3rd. Twenty-seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, MongoDB has an average rating of "Moderate Buy" and a consensus target price of $360.03.

MongoDB Trading Down 1.1%

Shares of NASDAQ:MDB opened at $233.50 on Wednesday. The stock has a fifty day simple moving average of $288.43 and a two-hundred day simple moving average of $343.00. MongoDB, Inc. has a 12-month low of $148.88 and a 12-month high of $444.72. The stock has a market capitalization of $18.77 billion, a price-to-earnings ratio of -265.34 and a beta of 1.60.

MongoDB (NASDAQ:MDB - Get Free Report) last announced its quarterly earnings results on Monday, March 2nd. The company reported $1.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.47 by $0.18. MongoDB had a negative return on equity of 1.03% and a negative net margin of 2.89%.The firm had revenue of $695.07 million for the quarter, compared to the consensus estimate of $669.40 million. During the same period in the prior year, the company posted $1.28 earnings per share. The company's quarterly revenue was up 26.8% on a year-over-year basis. As a group, equities research analysts predict that MongoDB, Inc. will post -1.78 EPS for the current year.

MongoDB Company 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.

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