MongoDB (NASDAQ:MDB) Stock Price Up 2.3% After Analyst Upgrade

Key Points

• MongoDB's stock rose by 2.3% following an upgrade from Scotiabank, which increased its price target from $280 to $320, while the stock reached as high as $325.54 during trading.
• Multiple brokerages have also revised their price targets upward, with Royal Bank of Canada setting a target of $350, and DA Davidson increasing theirs to $365, indicating strong analyst confidence in the stock.
• Insider trading activity has been notable, with CEO Dev Ittycheria selling 33,320 shares for over $10 million, indicating a potential increase in stock volatility following significant insider transactions.

MongoDB, Inc. (NASDAQ:MDB - Get Free Report) traded up 2.3% during mid-day trading on Friday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock traded as high as $325.54 and last traded at $323.43. 3,033,079 shares changed hands during mid-day trading, an increase of 20% from the average session volume of 2,524,852 shares. The stock had previously closed at $316.30.

A number of other brokerages also recently weighed in on MDB. Royal Bank Of Canada reiterated an "outperform" rating and issued a $350.00 target price on shares of MongoDB in a report on Thursday. Scotiabank upped their target price on MongoDB from $280.00 to $320.00 and gave the company a "sector perform" rating in a research report on Friday. Oppenheimer increased their price target on MongoDB from $325.00 to $385.00 and gave the stock an "outperform" rating in a report on Thursday. Wolfe Research upped their target price on MongoDB from $280.00 to $350.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 27th. Finally, The Goldman Sachs Group raised their price objective on MongoDB from $325.00 to $370.00 and gave the company a "buy" rating in a research report on Thursday. One equities research 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, MongoDB currently has an average rating of "Moderate Buy" and a consensus target price of $335.83.

Insider Activity

In other MongoDB news, Director Hope F. Cochran sold 1,174 shares of MongoDB stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $327.93, for a total value of $384,989.82. Following the transaction, the director owned 24,308 shares in the company, valued at $7,971,322.44. The trade was a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Dev Ittycheria sold 33,320 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer directly owned 203,237 shares in the company, valued at approximately $61,233,275.73. This trade represents a 14.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,730 shares of company stock worth $16,441,331. 3.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in MongoDB by 9.5% in the second quarter. Vanguard Group Inc. now owns 8,554,315 shares of the company's stock worth $1,796,321,000 after purchasing an additional 744,547 shares in the last quarter. State Street Corp raised its position in MongoDB by 5.0% during the second quarter. State Street Corp now owns 1,693,194 shares of the company's stock valued at $355,554,000 after acquiring an additional 80,334 shares in the last quarter. Geode Capital Management LLC boosted its stake in MongoDB by 5.2% during the second quarter. Geode Capital Management LLC now owns 1,397,898 shares of the company's stock worth $292,597,000 after buying an additional 68,611 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in MongoDB by 11.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,271,444 shares of the company's stock worth $223,011,000 after purchasing an additional 129,451 shares during the period. Finally, AQR Capital Management LLC raised its stake in MongoDB by 2,567.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,111,647 shares of the company's stock valued at $233,435,000 after acquiring an additional 1,069,969 shares during the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

MongoDB Stock Performance

The stock has a market cap of $26.31 billion, a price-to-earnings ratio of -330.03 and a beta of 1.49. The business has a fifty day simple moving average of $257.58 and a 200 day simple moving average of $211.90.

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.