MongoDB (NASDAQ:MDB) Shares Down 3.4% After Insider Selling

Key Points

• MongoDB's shares fell 3.4% on Wednesday following significant insider selling, specifically by CEO Dev Ittycheria, who sold over 33,000 shares, reducing his stake by 14.09%.
• The company recently received upgraded price targets from several analysts, with Monness Crespi & Hardt increasing their target to $360.00, while Morgan Stanley raised theirs to $325.00.
• MongoDB reported a quarterly revenue of $549.01 million, exceeding analysts' expectations and showing a 21.8% year-over-year increase in revenue despite a negative net margin.

MongoDB, Inc. (NASDAQ:MDB - Get Free Report)'s stock price traded down 3.4% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $306.02 and last traded at $307.37. 1,114,482 shares traded hands during trading, a decline of 56% from the average session volume of 2,522,091 shares. The stock had previously closed at $318.29.

Specifically, CEO Dev Ittycheria sold 33,320 shares of the firm's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $301.29, for a total value of $10,038,982.80. Following the transaction, the chief executive officer owned 203,237 shares of the company's stock, valued at approximately $61,233,275.73. This trade represents a 14.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Stephens assumed coverage on shares of MongoDB in a research report on Friday, July 18th. They issued an "equal weight" rating and a $247.00 price target on the stock. Monness Crespi & Hardt lifted their target price 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. Morgan Stanley lifted their target price on shares of MongoDB from $255.00 to $325.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Robert W. Baird lifted their target price on shares of MongoDB from $260.00 to $335.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 27th. Finally, Truist Financial lifted their target price on shares of MongoDB from $275.00 to $330.00 and gave the stock a "buy" rating in a research report on Wednesday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $310.86.

MongoDB Stock Performance

The firm has a market capitalization of $25.12 billion, a PE ratio of -313.65 and a beta of 1.49. The business's 50 day moving average is $227.35 and its two-hundred day moving average is $207.05.

MongoDB (NASDAQ:MDB - Get Free Report) last released its quarterly earnings data on Wednesday, June 4th. The company reported $1.00 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.35. MongoDB had a negative net margin of 3.54% and a negative return on equity of 1.67%. The business had revenue of $549.01 million during the quarter, compared to analyst estimates of $527.49 million. During the same period in the previous year, the business earned $0.51 EPS. MongoDB's revenue was up 21.8% compared to the same quarter last year. As a group, equities research analysts predict that MongoDB, Inc. will post -1.78 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MDB. Cloud Capital Management LLC purchased a new position in shares of MongoDB during the 1st quarter valued at $25,000. Hollencrest Capital Management purchased a new position in shares of MongoDB during the 1st quarter valued at $26,000. Cullen Frost Bankers Inc. grew its position in shares of MongoDB by 315.8% during the 1st quarter. Cullen Frost Bankers Inc. now owns 158 shares of the company's stock valued at $28,000 after purchasing an additional 120 shares in the last quarter. Montag A & Associates Inc. grew its position in shares of MongoDB by 144.3% during the 2nd quarter. Montag A & Associates Inc. now owns 171 shares of the company's stock valued at $36,000 after purchasing an additional 101 shares in the last quarter. Finally, Promus Capital LLC purchased a new position in shares of MongoDB during the 2nd quarter valued at $36,000. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

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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