Guggenheim Forecasts Strong Price Appreciation for MongoDB (NASDAQ:MDB) Stock

Key Points

• Guggenheim has raised its price target for MongoDB (NASDAQ:MDB) from $310.00 to $400.00, holding a "buy" rating and implying a potential upside of 21.18% from its previous close.
• Analysts have varied opinions on MongoDB, with one strong buy and 27 buy ratings, resulting in a consensus rating of "Moderate Buy" and an average target price of $313.43.
• In recent insider trading, the Chief Accounting Officer sold 1,000 shares at $326.25 each, reducing ownership by 7.94%, while institutional investors hold 89.29% of the stock.

MongoDB (NASDAQ:MDB - Get Free Report) had its target price lifted by equities research analysts at Guggenheim from $310.00 to $400.00 in a report released on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Guggenheim's price objective would suggest a potential upside of 21.18% from the company's previous close.

MDB has been the topic of several other reports. Rosenblatt Securities reiterated a "buy" rating and issued a $290.00 price target on shares of MongoDB in a research report on Friday, August 22nd. Zacks Research upgraded shares of MongoDB to a "hold" rating in a research report on Friday, August 8th. Piper Sandler boosted their price target on shares of MongoDB from $275.00 to $345.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 27th. Canaccord Genuity Group boosted their price target on shares of MongoDB from $320.00 to $340.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, Monness Crespi & Hardt boosted their price target on shares of MongoDB from $295.00 to $360.00 and gave the stock a "buy" rating in a research report on Wednesday, August 27th. One analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $313.43.

MongoDB Stock Down 0.6%

MDB stock opened at $330.10 on Monday. The company has a market capitalization of $26.86 billion, a P/E ratio of -336.84 and a beta of 1.49. The company has a 50-day simple moving average of $246.21 and a 200 day simple moving average of $209.25. MongoDB has a fifty-two week low of $140.78 and a fifty-two week high of $370.00.

Insider Buying and Selling

In related news, CAO Thomas Bull sold 1,000 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $326.25, for a total transaction of $326,250.00. Following the completion of the sale, the chief accounting officer directly owned 11,598 shares of the company's stock, valued at approximately $3,783,847.50. This trade represents a 7.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dwight A. Merriman sold 1,000 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $245.00, for a total value of $245,000.00. Following the sale, the director directly owned 1,104,316 shares of the company's stock, valued at $270,557,420. The trade was a 0.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,730 shares of company stock valued at $16,292,409. 3.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On MongoDB

Large investors have recently made changes to their positions in the stock. Cloud Capital Management LLC bought a new position in shares of MongoDB in the first quarter worth $25,000. Hollencrest Capital Management bought a new position in shares of MongoDB in the first quarter worth $26,000. Cullen Frost Bankers Inc. boosted its stake in MongoDB by 315.8% during the first 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. Montag A & Associates Inc. boosted its stake in MongoDB by 144.3% during the second quarter. Montag A & Associates Inc. now owns 171 shares of the company's stock valued at $36,000 after buying an additional 101 shares during the period. Finally, Promus Capital LLC purchased a new stake in MongoDB during the second quarter valued at about $36,000. 89.29% of the stock is owned by institutional investors.

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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