MongoDB (NASDAQ:MDB) Price Target Raised to $305.00

Key Points

• Macquarie raised its target price for MongoDB from $265.00 to $305.00, maintaining a "neutral" rating, which suggests a potential downside of 3.07% from the current price.
• Goldman Sachs and Bank of America both increased their price targets significantly, with Goldman Sachs setting it at $325.00 and Bank of America at $380.00, both giving the stock a "buy" rating.
• Insider sales are notable, with Director Charles M. Hazard, Jr. selling 833 shares at an average price of $310.00, indicating ongoing adjustments within the company's leadership.

MongoDB (NASDAQ:MDB - Free Report) had its price target lifted by Macquarie from $265.00 to $305.00 in a report published on Thursday morning,Benzinga reports. Macquarie currently has a neutral rating on the stock.

MDB has been the topic of a number of other reports. Zacks Research upgraded shares of MongoDB to a "hold" rating in a report on Friday, August 8th. Morgan Stanley raised their price objective on shares of MongoDB from $255.00 to $325.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Cantor Fitzgerald raised their price objective on shares of MongoDB from $312.00 to $406.00 and gave the stock an "overweight" rating in a report on Thursday. DA Davidson raised their price objective on shares of MongoDB from $275.00 to $325.00 and gave the stock a "buy" rating in a report on Wednesday, August 27th. Finally, Stephens initiated coverage on shares of MongoDB in a report on Friday, July 18th. They set an "equal weight" rating and a $247.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $332.69.

MongoDB Price Performance

Shares of NASDAQ MDB traded up $0.92 during midday trading on Thursday, reaching $316.30. 2,628,534 shares of the stock were exchanged, compared to its average volume of 4,040,351. MongoDB has a 12 month low of $140.78 and a 12 month high of $370.00. The business has a 50-day simple moving average of $255.16 and a two-hundred day simple moving average of $211.65. The company has a market capitalization of $25.73 billion, a price-to-earnings ratio of -322.76 and a beta of 1.49.

Insider Buying and Selling at MongoDB

In other MongoDB news, Director Charles M. Hazard, Jr. sold 166 shares of MongoDB stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $310.00, for a total value of $51,460.00. Following the sale, the director directly owned 14,493 shares in the company, valued at approximately $4,492,830. The trade was a 1.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dwight A. Merriman sold 1,000 shares of MongoDB stock in a transaction on Friday, July 25th. The shares were sold at an average price of $245.00, for a total transaction of $245,000.00. Following the completion of the sale, the director owned 1,104,316 shares in the company, 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. Insiders have sold a total of 58,556 shares of company stock valued at $16,056,341 over the last quarter. 3.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Main Management ETF Advisors LLC increased its stake in shares of MongoDB by 1.7% during the 2nd quarter. Main Management ETF Advisors LLC now owns 3,665 shares of the company's stock worth $770,000 after purchasing an additional 60 shares during the last quarter. Carnegie Investment Counsel increased its stake in shares of MongoDB by 3.6% during the 2nd quarter. Carnegie Investment Counsel now owns 1,803 shares of the company's stock worth $379,000 after purchasing an additional 62 shares during the last quarter. Handelsbanken Fonder AB increased its stake in shares of MongoDB by 0.4% during the 1st quarter. Handelsbanken Fonder AB now owns 14,816 shares of the company's stock worth $2,599,000 after purchasing an additional 65 shares during the last quarter. New York Life Investment Management LLC increased its stake in shares of MongoDB by 6.2% during the 2nd quarter. New York Life Investment Management LLC now owns 1,236 shares of the company's stock worth $260,000 after purchasing an additional 72 shares during the last quarter. Finally, Wedbush Securities Inc. increased its stake in shares of MongoDB by 2.6% during the 1st quarter. Wedbush Securities Inc. now owns 3,022 shares of the company's stock worth $530,000 after purchasing an additional 77 shares during the last quarter. 89.29% of the stock is currently 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.