MongoDB (NASDAQ:MDB) Price Target Raised to $400.00

Key Points

• Piper Sandler has raised its price target for MongoDB from $345.00 to $400.00, indicating a potential upside of 26.83% from the company's previous close.
• A total of twenty-seven analysts have issued buy ratings for MongoDB, highlighting strong investor confidence, while one analyst holds a strong buy rating.
• MongoDB's market capitalization stands at $25.66 billion, with shares currently trading at approximately $315.38, significantly up from a 52-week low of $140.78.

MongoDB (NASDAQ:MDB - Get Free Report) had its price objective hoisted by equities research analysts at Piper Sandler from $345.00 to $400.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price objective would suggest a potential upside of 26.83% from the company's previous close.

A number of other research analysts have also recently issued reports on the company. DA Davidson lifted their price target on MongoDB from $275.00 to $325.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Truist Financial lifted their price target on MongoDB from $275.00 to $330.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. The Goldman Sachs Group lifted their price target on MongoDB from $270.00 to $325.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Needham & Company LLC lifted their price target on MongoDB from $270.00 to $325.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Finally, Canaccord Genuity Group lifted their price target on MongoDB from $320.00 to $340.00 and gave the company a "buy" rating in a report on Thursday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $319.29.

MongoDB Stock Performance

Shares of NASDAQ:MDB opened at $315.38 on Thursday. MongoDB has a 52 week low of $140.78 and a 52 week high of $370.00. The company's fifty day moving average is $253.02 and its 200-day moving average is $211.26. The company has a market capitalization of $25.66 billion, a PE ratio of -321.82 and a beta of 1.49.

Insiders Place Their Bets

In related news, CEO Dev Ittycheria sold 33,320 shares of the stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $301.29, for a total transaction of $10,038,982.80. Following the completion of the sale, the chief executive officer directly owned 203,237 shares of the company's stock, valued at approximately $61,233,275.73. This represents a 14.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Thomas Bull sold 1,000 shares of the firm's 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 transaction, the chief accounting officer directly owned 11,598 shares of the company's stock, valued at $3,783,847.50. This represents a 7.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 58,556 shares of company stock valued at $16,056,341 in the last quarter. 3.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On MongoDB

Several large investors have recently made changes to their positions in MDB. AQR Capital Management LLC boosted its holdings in shares of MongoDB by 2,567.2% in the 2nd quarter. AQR Capital Management LLC now owns 1,111,647 shares of the company's stock valued at $233,435,000 after buying an additional 1,069,969 shares during the last quarter. Jericho Capital Asset Management L.P. acquired a new stake in MongoDB during the 1st quarter valued at $161,543,000. Norges Bank acquired a new stake in MongoDB during the 2nd quarter valued at $164,338,000. Primecap Management Co. CA lifted its holdings in MongoDB by 863.5% during the 1st quarter. Primecap Management Co. CA now owns 870,550 shares of the company's stock valued at $152,694,000 after purchasing an additional 780,200 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in MongoDB by 9.5% during the 2nd quarter. Vanguard Group Inc. now owns 8,554,315 shares of the company's stock valued at $1,796,321,000 after purchasing an additional 744,547 shares during the last quarter. Institutional investors and hedge funds own 89.29% of the company's stock.

MongoDB Company 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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