Woodline Partners LP Raises Stock Position in MongoDB, Inc. $MDB

Key Points

• Woodline Partners LP significantly increased its ownership in MongoDB, Inc. by 30,297.0%, acquiring a total of 322,208 shares valued at $56.5 million.
• Analyst ratings are optimistic, with several brokerages raising their price targets for MongoDB, pushing the average target price to $310.86 and maintaining a consensus rating of "Moderate Buy."
• Insider trading saw a notable activity, with directors selling a total of 58,730 shares valued at approximately $15.97 million over the last three months.

Woodline Partners LP raised its stake in shares of MongoDB, Inc. (NASDAQ:MDB - Free Report) by 30,297.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 322,208 shares of the company's stock after buying an additional 321,148 shares during the period. Woodline Partners LP owned about 0.40% of MongoDB worth $56,515,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cloud Capital Management LLC purchased a new position in shares of MongoDB in the 1st quarter worth $25,000. Hollencrest Capital Management bought a new position in MongoDB in the first quarter valued at about $26,000. Cullen Frost Bankers Inc. boosted its position in MongoDB by 315.8% in the first quarter. Cullen Frost Bankers Inc. now owns 158 shares of the company's stock worth $28,000 after purchasing an additional 120 shares during the last quarter. State of Wyoming purchased a new position in MongoDB in the first quarter worth about $62,000. Finally, Brooklyn Investment Group grew its stake in shares of 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 purchasing an additional 290 shares during the period. 89.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on MDB. Macquarie increased their price objective on shares of MongoDB from $230.00 to $265.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 27th. Needham & Company LLC increased their price target on shares of MongoDB from $270.00 to $325.00 and gave the stock a "buy" rating in a research report on Wednesday, August 27th. Monness Crespi & Hardt lifted their price target on shares of MongoDB from $295.00 to $360.00 and gave the stock a "buy" rating in a research note on Wednesday, August 27th. Piper Sandler upped their price objective on MongoDB from $275.00 to $345.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 27th. Finally, Robert W. Baird raised their target price on MongoDB from $260.00 to $335.00 and gave the stock an "outperform" rating in a report on Wednesday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, MongoDB currently has a consensus rating of "Moderate Buy" and a consensus target price of $310.86.

MongoDB Stock Performance

MDB opened at $323.29 on Tuesday. The stock has a market cap of $26.30 billion, a price-to-earnings ratio of -329.89 and a beta of 1.49. The firm's fifty day moving average is $236.30 and its 200 day moving average is $207.36. MongoDB, Inc. has a fifty-two week low of $140.78 and a fifty-two week high of $370.00.

Insiders Place Their Bets

In related news, Director Dwight A. Merriman sold 1,000 shares of MongoDB stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $225.00, for a total transaction of $225,000.00. Following the sale, the director owned 1,105,316 shares of the company's stock, valued at approximately $248,696,100. This trade represents a 0.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles M. Hazard, Jr. sold 833 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $310.00, for a total value of $258,230.00. Following the completion of the transaction, the director directly owned 47,366 shares in the company, valued at approximately $14,683,460. This represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 58,730 shares of company stock valued at $15,966,159 over the last three months. 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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