MongoDB (NASDAQ:MDB) Receives "Buy" Rating from Rosenblatt Securities

Key Points

• Rosenblatt Securities reiterated a Buy rating on MongoDB and set a $385 price target, implying about 18% upside from the current stock price.
• MongoDB’s latest earnings beat expectations, with EPS of $1.65 versus the $1.47 consensus and revenue of $695.07 million, up 26.8% year over year.
• Analyst sentiment remains broadly positive overall: 26 analysts rate the stock Buy, with a consensus rating of Moderate Buy and an average target price of $373.30.

MongoDB (NASDAQ:MDB - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at Rosenblatt Securities in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $385.00 price objective on the stock. Rosenblatt Securities' target price would indicate a potential upside of 18.05% from the stock's current price.

MDB has been the topic of a number of other research reports. Wedbush dropped their price objective on MongoDB from $440.00 to $380.00 and set an "outperform" rating on the stock in a report on Tuesday, March 3rd. DA Davidson dropped their price objective on MongoDB from $465.00 to $385.00 and set a "buy" rating on the stock in a report on Wednesday, February 25th. Cantor Fitzgerald upped their price objective on MongoDB from $378.00 to $416.00 and gave the stock an "overweight" rating in a report on Tuesday. Needham & Company LLC dropped their price objective on MongoDB from $500.00 to $300.00 and set a "buy" rating on the stock in a report on Tuesday, March 3rd. Finally, Barclays dropped their price objective on MongoDB from $440.00 to $370.00 and set an "overweight" rating on the stock in a report on Tuesday, March 3rd. Twenty-six investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, MongoDB currently has an average rating of "Moderate Buy" and a consensus target price of $373.30.

MongoDB Stock Performance

NASDAQ:MDB opened at $326.13 on Tuesday. The firm has a market cap of $26.21 billion, a P/E ratio of -370.60 and a beta of 1.48. The stock's 50 day simple moving average is $269.54 and its 200-day simple moving average is $334.71. MongoDB has a 12-month low of $182.43 and a 12-month high of $444.72.

MongoDB (NASDAQ:MDB - Get Free Report) last released its earnings results on Monday, March 2nd. The company reported $1.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.47 by $0.18. MongoDB had a negative return on equity of 1.03% and a negative net margin of 2.89%.The business had revenue of $695.07 million for the quarter, compared to analyst estimates of $669.40 million. During the same quarter in the previous year, the company posted $1.28 earnings per share. The company's revenue for the quarter was up 26.8% compared to the same quarter last year. Research analysts forecast that MongoDB will post -0.46 EPS for the current fiscal year.

Insider Transactions at MongoDB

In related news, Director Dwight A. Merriman sold 6,000 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $314.98, for a total value of $1,889,880.00. Following the sale, the director directly owned 470,896 shares of the company's stock, valued at approximately $148,322,822.08. This represents a 1.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hope F. Cochran sold 1,566 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $249.33, for a total transaction of $390,450.78. Following the completion of the sale, the director directly owned 24,093 shares in the company, valued at approximately $6,007,107.69. The trade was a 6.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 31,566 shares of company stock worth $8,744,791. 3.10% of the stock is owned by corporate insiders.

Institutional Trading of MongoDB

Large investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC lifted its stake in shares of MongoDB by 31.6% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,363 shares of the company's stock valued at $239,000 after purchasing an additional 327 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of MongoDB by 55.0% in the 1st quarter. NewEdge Advisors LLC now owns 4,238 shares of the company's stock valued at $743,000 after purchasing an additional 1,504 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in shares of MongoDB in the 2nd quarter valued at about $329,000. Cresset Asset Management LLC lifted its stake in shares of MongoDB by 13.4% in the 2nd quarter. Cresset Asset Management LLC now owns 3,138 shares of the company's stock valued at $659,000 after purchasing an additional 370 shares in the last quarter. Finally, Cerity Partners LLC lifted its stake in shares of MongoDB by 28.3% in the 2nd quarter. Cerity Partners LLC now owns 12,215 shares of the company's stock valued at $2,565,000 after purchasing an additional 2,697 shares in the last quarter. Institutional investors and hedge funds own 89.29% of the company's stock.

MongoDB Company Profile

MongoDB, Inc is a software company best known for developing MongoDB, a general-purpose, document-oriented database designed for modern application development. The company's platform is built to support high-performance, scalable data storage and retrieval for use cases such as cloud-native applications, mobile backends, real-time analytics, and content management. MongoDB offers a mix of open-source software, commercial server distributions, and subscription-based services that include technical support, training and professional services.

The company traces its origins to 2007 when it was founded as 10gen by Dwight Merriman and Eliot Horowitz; it later adopted the MongoDB name and completed a public listing in 2017.

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