MongoDB (NASDAQ:MDB) Stock Price Up 1.4% - Here's What Happened

Key Points

• MongoDB's stock price increased by 1.4%, reaching a last traded price of $327.79, although trading volume decreased significantly by 82% compared to the average daily volume.
• Multiple analysts have adjusted their price targets for MongoDB, with BMO Capital Markets increasing theirs to $315 and Royal Bank of Canada setting a target of $350, reflecting positive sentiment among experts.
• Institutional investors hold a significant stake in MongoDB, with 89.29% of the stock owned by hedge funds, indicating strong institutional interest and confidence in the company's prospects.

MongoDB, Inc. (NASDAQ:MDB - Get Free Report)'s stock price rose 1.4% during trading on Tuesday . The company traded as high as $327.44 and last traded at $327.79. Approximately 454,728 shares changed hands during trading, a decline of 82% from the average daily volume of 2,515,761 shares. The stock had previously closed at $323.29.

Analysts Set New Price Targets

MDB has been the topic of several analyst reports. BMO Capital Markets increased their target price on shares of MongoDB from $280.00 to $315.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 27th. Needham & Company LLC raised their price target on MongoDB from $270.00 to $325.00 and gave the company a "buy" rating in a research report on Wednesday, August 27th. Canaccord Genuity Group raised their price objective on shares of MongoDB from $320.00 to $340.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $350.00 price objective on shares of MongoDB in a report on Tuesday, September 2nd. Finally, Barclays raised their price objective on shares of MongoDB from $270.00 to $305.00 and gave the stock an "overweight" rating in a report on Wednesday, August 27th. One 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's stock. Based on data from MarketBeat, MongoDB currently has an average rating of "Moderate Buy" and a consensus target price of $310.86.

MongoDB Trading Up 1.9%

The company has a market cap of $26.81 billion, a price-to-earnings ratio of -336.46 and a beta of 1.49. The firm's fifty day moving average price is $236.30 and its 200-day moving average price is $207.36.

Insider Activity at MongoDB

In other MongoDB news, Director Charles M. Hazard, Jr. sold 833 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $310.00, for a total value of $258,230.00. Following the transaction, the director directly owned 47,366 shares of the company's stock, valued at $14,683,460. This represents a 1.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Hope F. Cochran sold 1,174 shares of the stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $201.08, for a total transaction of $236,067.92. Following the transaction, the director owned 21,096 shares in the company, valued at approximately $4,241,983.68. The trade was a 5.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 58,730 shares of company stock valued at $15,966,159 in the last 90 days. Insiders own 3.10% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MDB. AQR Capital Management LLC boosted its holdings in MongoDB by 2,567.2% during the second quarter. AQR Capital Management LLC now owns 1,111,647 shares of the company's stock worth $233,435,000 after purchasing an additional 1,069,969 shares during the last quarter. Jericho Capital Asset Management L.P. bought a new stake in MongoDB in the first quarter worth about $161,543,000. Norges Bank bought a new stake in MongoDB in the second quarter worth about $164,338,000. Primecap Management Co. CA raised its position in MongoDB by 863.5% in the first quarter. Primecap Management Co. CA now owns 870,550 shares of the company's stock worth $152,694,000 after acquiring an additional 780,200 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of MongoDB by 9.5% in the second 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 period. 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.

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