Zweig DiMenna Associates LLC Makes New $1.32 Million Investment in MongoDB, Inc. (NASDAQ:MDB)

Key Points

• Zweig DiMenna Associates LLC invested approximately $1.32 million in MongoDB, Inc. by purchasing 7,500 shares in the first quarter, showcasing significant interest from institutional investors.
• MongoDB's stock has received multiple updates from analysts, with ratings including "strong-buy" from Daiwa America and price targets ranging from $170.00 to $345.00, indicating varied outlooks on its future performance.
• Insiders sold a total of 33,746 shares valued at nearly $7.73 million over the past ninety days, with both the Director and CEO reporting decreases in their stock ownership, which may raise concerns about insider confidence.

Zweig DiMenna Associates LLC bought a new position in MongoDB, Inc. (NASDAQ:MDB - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 7,500 shares of the company's stock, valued at approximately $1,316,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MDB. Quantbot Technologies LP acquired a new position in shares of MongoDB during the 4th quarter worth $702,000. Vanguard Group Inc. increased its stake in shares of MongoDB by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 7,328,745 shares of the company's stock worth $1,706,205,000 after purchasing an additional 23,942 shares during the last quarter. Korea Investment CORP increased its stake in shares of MongoDB by 20.3% during the 4th quarter. Korea Investment CORP now owns 58,871 shares of the company's stock worth $13,706,000 after purchasing an additional 9,936 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of MongoDB by 9.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 58,466 shares of the company's stock worth $14,405,000 after purchasing an additional 5,056 shares during the last quarter. Finally, NEOS Investment Management LLC increased its stake in shares of MongoDB by 6.7% during the 4th quarter. NEOS Investment Management LLC now owns 3,526 shares of the company's stock worth $821,000 after purchasing an additional 222 shares during the last quarter. Hedge funds and other institutional investors own 89.29% of the company's stock.

Insider Activity at MongoDB

In related news, Director Hope F. Cochran sold 1,174 shares of MongoDB stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $201.08, for a total transaction of $236,067.92. Following the completion of the transaction, the director directly owned 21,096 shares of the company's stock, valued at $4,241,983.68. This trade represents a 5.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Dev Ittycheria sold 25,005 shares of MongoDB stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $234.00, for a total transaction of $5,851,170.00. Following the transaction, the chief executive officer directly owned 256,974 shares of the company's stock, valued at $60,131,916. This represents a 8.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,746 shares of company stock valued at $7,725,196 in the last ninety days. Insiders own 3.10% of the company's stock.

Analyst Ratings Changes

MDB has been the topic of several analyst reports. Redburn Atlantic upgraded shares of MongoDB from a "sell" rating to a "neutral" rating and set a $170.00 price target on the stock in a research note on Thursday, April 17th. Rosenblatt Securities dropped their price target on shares of MongoDB from $305.00 to $290.00 and set a "buy" rating on the stock in a research note on Thursday, June 5th. Daiwa America upgraded shares of MongoDB to a "strong-buy" rating in a research note on Tuesday, April 1st. Cantor Fitzgerald raised their target price on shares of MongoDB from $252.00 to $271.00 and gave the company an "overweight" rating in a research note on Thursday, June 5th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $345.00 target price on shares of MongoDB in a research note on Thursday, June 5th. Nine analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $281.35.

MongoDB Stock Performance

Shares of MongoDB stock opened at $235.16 on Friday. The firm's 50-day simple moving average is $205.47 and its 200-day simple moving average is $212.72. 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 $19.21 billion, a P/E ratio of -206.28 and a beta of 1.41.

MongoDB (NASDAQ:MDB - Get Free Report) last issued its earnings results on Wednesday, June 4th. The company reported $1.00 earnings per share for the quarter, beating 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 previous year, the business earned $0.51 EPS. The firm's revenue was up 21.8% on a year-over-year basis. On average, equities analysts forecast that MongoDB, Inc. will post -1.78 earnings per share for the current fiscal year.

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.

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