MongoDB (NASDAQ:MDB) Shares Up 1.4% - Still a Buy?

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 was up 1.4% on Tuesday . The company traded as high as $327.44 and last traded at $327.79. Approximately 454,728 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 2,515,761 shares. The stock had previously closed at $323.29.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MDB shares. BMO Capital Markets increased their price target on shares of MongoDB from $280.00 to $315.00 and gave the company an "outperform" rating in a research report on Wednesday, August 27th. Loop Capital downgraded shares of MongoDB from a "buy" rating to a "hold" rating and cut their price target for the company from $350.00 to $190.00 in a research report on Tuesday, May 20th. Wolfe Research raised their target price on shares of MongoDB from $280.00 to $350.00 and gave the stock an "outperform" rating in a report on Wednesday, August 27th. JMP Securities restated a "market outperform" rating and set a $345.00 target price on shares of MongoDB in a report on Wednesday, August 27th. Finally, Truist Financial raised their target price on shares of MongoDB from $275.00 to $330.00 and gave the stock a "buy" rating in a 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 issued a Hold rating to the stock. According to data from MarketBeat, MongoDB has an average rating of "Moderate Buy" and a consensus price target of $310.86.

MongoDB Stock Performance

The stock has a market capitalization of $26.86 billion, a price-to-earnings ratio of -336.84 and a beta of 1.49. The firm's fifty day simple moving average is $246.21 and its 200 day simple moving average is $210.02.

Insider Activity at MongoDB

In other news, Director Dwight A. Merriman sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $225.00, for a total transaction of $225,000.00. Following the completion of the transaction, the director directly owned 1,105,316 shares of the company's stock, valued at $248,696,100. This trade represents a 0.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Dev Ittycheria sold 33,320 shares of the firm's 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 transaction, the chief executive officer directly owned 203,237 shares of the company's stock, valued at $61,233,275.73. This represents a 14.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,730 shares of company stock worth $16,292,409. 3.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MongoDB

Several hedge funds have recently made changes to their positions in the business. Daventry Group LP grew its stake in shares of MongoDB by 6.3% during the 2nd quarter. Daventry Group LP now owns 151,161 shares of the company's stock worth $31,742,000 after acquiring an additional 9,000 shares in the last quarter. Centaurus Financial Inc. grew its stake in shares of MongoDB by 11.0% during the 2nd quarter. Centaurus Financial Inc. now owns 3,019 shares of the company's stock worth $634,000 after acquiring an additional 300 shares in the last quarter. Orion Porfolio Solutions LLC grew its stake in shares of MongoDB by 14.4% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 8,339 shares of the company's stock worth $1,751,000 after acquiring an additional 1,047 shares in the last quarter. MASTERINVEST Kapitalanlage GmbH bought a new position in shares of MongoDB in the second quarter valued at $1,727,000. Finally, Promus Capital LLC bought a new position in shares of MongoDB in the second quarter valued at $36,000. 89.29% of the stock is owned by 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.