MongoDB (NASDAQ:MDB) Stock Price Up 7.2% on Analyst Upgrade

Key Points

• MongoDB stock rose 7.2% after BMO Capital Markets lifted its price target from $285 to $360 and kept an outperform rating. The shares traded as high as $328 and were last seen around $334.64.
• Analyst sentiment remains mostly positive despite some target cuts elsewhere: MongoDB has 26 Buy ratings, 7 Holds, and 3 Sells, with a consensus price target of $364.23.
• The company’s latest quarterly results beat expectations, with EPS of $1.65 versus $1.47 expected and revenue of $695.07 million, up 26.8% year over year. However, executives and insiders have also been selling shares recently.

MongoDB, Inc. (NASDAQ:MDB - Get Free Report) shot up 7.2% during trading on Monday after BMO Capital Markets raised their price target on the stock from $285.00 to $360.00. BMO Capital Markets currently has an outperform rating on the stock. MongoDB traded as high as $328.00 and last traded at $334.6390. 213,835 shares were traded during mid-day trading, a decline of 88% from the average session volume of 1,796,941 shares. The stock had previously closed at $312.16.

A number of other equities analysts have also recently commented on the stock. DA Davidson dropped their price objective on shares of MongoDB from $465.00 to $385.00 and set a "buy" rating for the company in a research note on Wednesday, February 25th. Barclays reduced their price objective on shares of MongoDB from $440.00 to $370.00 and set an "overweight" rating for the company in a research report on Tuesday, March 3rd. Bank of America lowered their target price on shares of MongoDB from $400.00 to $350.00 and set an "underperform" rating for the company in a research note on Wednesday, April 22nd. Wall Street Zen cut MongoDB from a "buy" rating to a "hold" rating in a research report on Saturday, April 18th. Finally, Mizuho raised shares of MongoDB from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $290.00 to $325.00 in a research report on Monday, March 23rd. Twenty-six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $364.23.

Insider Transactions at MongoDB

In related news, Director Dwight A. Merriman sold 2,000 shares of the firm's stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $290.06, for a total value of $580,120.00. Following the completion of the transaction, the director directly owned 1,003,316 shares of the company's stock, valued at approximately $291,021,838.96. This trade represents a 0.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 business's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $249.33, for a total value of $390,450.78. Following the transaction, the director owned 24,093 shares in the company, valued at approximately $6,007,107.69. This represents a 6.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 15,566 shares of company stock worth $3,875,011. 3.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MDB. Cornerstone Planning Group LLC increased its stake in shares of MongoDB by 1,220.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 66 shares of the company's stock worth $27,000 after buying an additional 61 shares during the period. Central Pacific Bank Trust Division acquired a new position in MongoDB during the 4th quarter valued at approximately $28,000. Huntington National Bank lifted its stake in MongoDB by 110.9% during the third quarter. Huntington National Bank now owns 97 shares of the company's stock valued at $30,000 after purchasing an additional 51 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of MongoDB in the fourth quarter worth $33,000. Finally, Cassaday & Co Wealth Management LLC bought a new stake in MongoDB during the first quarter valued at about $34,000. Institutional investors and hedge funds own 89.29% of the company's stock.

MongoDB Stock Performance

The company has a market capitalization of $26.21 billion, a P/E ratio of -375.60 and a beta of 1.48. The firm has a 50 day moving average price of $262.43 and a two-hundred day moving average price of $335.74.

MongoDB (NASDAQ:MDB - Get Free Report) last posted its quarterly earnings data on Monday, March 2nd. The company reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.18. The company had revenue of $695.07 million during the quarter, compared to analysts' expectations of $669.40 million. MongoDB had a negative return on equity of 1.03% and a negative net margin of 2.89%.MongoDB's revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.28 earnings per share. On average, equities analysts expect that MongoDB, Inc. will post -0.46 earnings per share for the current year.

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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