Guggenheim Reaffirms "Buy" Rating for MongoDB (NASDAQ:MDB)

Key Points

• Guggenheim has reiterated its "buy" rating for MongoDB (NASDAQ: MDB) and set a price target of $260.00, suggesting a potential upside of 27.39% from the stock's previous close.
• MongoDB recently reported quarterly earnings of $1.00 per share, exceeding expectations of $0.65, and posted revenue of $549.01 million, surpassing analyst forecasts.
• Insiders, including CEO Dev Ittycheria and Director Dwight A. Merriman, have recently sold shares in the company, totaling over $2 million in stock transactions.

MongoDB (NASDAQ:MDB - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at Guggenheim in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $260.00 price target on the stock. Guggenheim's price objective indicates a potential upside of 27.39% from the company's previous close.

MDB has been the topic of a number of other research reports. BMO Capital Markets began coverage on shares of MongoDB in a research report on Monday, July 28th. They set an "outperform" rating and a $280.00 price objective on the stock. Bank of America boosted their price objective on shares of MongoDB from $215.00 to $275.00 and gave the company a "buy" rating in a research report on Thursday, June 5th. Stephens started coverage on shares of MongoDB in a research note on Friday, July 18th. They set an "equal weight" rating and a $247.00 target price for the company. DA Davidson reissued a "buy" rating and set a $275.00 target price on shares of MongoDB in a research note on Thursday, June 5th. Finally, UBS Group boosted their target price on shares of MongoDB from $213.00 to $240.00 and gave the company a "neutral" rating in a research note on Thursday, June 5th. Nine investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, MongoDB currently has a consensus rating of "Moderate Buy" and an average price target of $281.31.

MongoDB Trading Down 1.6%

MDB traded down $3.33 during trading hours on Thursday, hitting $204.10. The company's stock had a trading volume of 276,369 shares, compared to its average volume of 2,309,426. The business's 50-day moving average price is $215.85 and its 200-day moving average price is $210.41. MongoDB has a 12 month low of $140.78 and a 12 month high of $370.00. The stock has a market cap of $16.68 billion, a price-to-earnings ratio of -179.25 and a beta of 1.44.

MongoDB (NASDAQ:MDB - Get Free Report) last announced its quarterly earnings results on Wednesday, June 4th. The company reported $1.00 earnings per share 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 company had revenue of $549.01 million for the quarter, compared to analysts' expectations of $527.49 million. During the same quarter in the previous year, the business posted $0.51 earnings per share. MongoDB's quarterly revenue was up 21.8% on a year-over-year basis. On average, analysts forecast that MongoDB will post -1.78 earnings per share for the current year.

Insiders Place Their Bets

In other MongoDB news, CEO Dev Ittycheria sold 8,335 shares of MongoDB stock in a transaction 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 sale, the chief executive officer owned 236,557 shares of the company's stock, valued at $57,693,886.73. The trade was a 3.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dwight A. Merriman sold 1,000 shares of MongoDB stock in a transaction on Friday, July 25th. The stock was sold at an average price of $245.00, for a total value of $245,000.00. Following the transaction, the director owned 1,104,316 shares in the company, valued at approximately $270,557,420. This represents a 0.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,416 shares of company stock valued at $11,936,656 in the last 90 days. 3.10% of the stock is owned by insiders.

Hedge Funds Weigh In On MongoDB

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of MongoDB by 9.5% during the second quarter. Vanguard Group Inc. now owns 8,554,315 shares of the company's stock worth $1,796,321,000 after buying an additional 744,547 shares in the last quarter. State Street Corp boosted its holdings in MongoDB by 5.0% in the second quarter. State Street Corp now owns 1,693,194 shares of the company's stock valued at $355,554,000 after purchasing an additional 80,334 shares in the last quarter. Geode Capital Management LLC boosted its holdings in MongoDB by 5.2% in the second quarter. Geode Capital Management LLC now owns 1,397,898 shares of the company's stock valued at $292,597,000 after purchasing an additional 68,611 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in MongoDB by 11.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,271,444 shares of the company's stock valued at $223,011,000 after purchasing an additional 129,451 shares in the last quarter. Finally, Amundi boosted its holdings in MongoDB by 53.0% in the first quarter. Amundi now owns 1,061,457 shares of the company's stock valued at $173,378,000 after purchasing an additional 367,717 shares in the last quarter. 89.29% of the stock is owned by institutional investors and hedge funds.

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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