MongoDB (NASDAQ:MDB) Trading Down 1.1% on Insider Selling

Key Points

• MongoDB's stock dropped 1.1% to trade at $315.30 following an insider sale of 31,174 shares by Director Dwight A. Merriman, totaling approximately $10 million.
• Analysts have increased their price targets for MongoDB; Barclays raised its target from $305 to $345, reaffirming an "overweight" rating.
• Currently, 89.29% of MongoDB's stock is held by institutional investors, indicating strong institutional interest in the company.

MongoDB, Inc. (NASDAQ:MDB - Get Free Report)'s stock price dropped 1.1% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $315.20 and last traded at $315.30. Approximately 1,306,845 shares were traded during trading, a decline of 48% from the average daily volume of 2,510,888 shares. The stock had previously closed at $318.96.

Specifically, Director Dwight A. Merriman sold 6,000 shares of MongoDB stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $320.80, for a total transaction of $1,924,800.00. Following the sale, the director directly owned 514,896 shares in the company, valued at $165,178,636.80. The trade was a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dwight A. Merriman sold 25,000 shares of MongoDB stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $320.15, for a total value of $8,003,750.00. Following the sale, the director owned 1,079,316 shares in the company, valued at $345,543,017.40. This represents a 2.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, Director Hope F. Cochran sold 1,174 shares of MongoDB stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $327.93, for a total transaction of $384,989.82. Following the sale, the director directly 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 document filed with the SEC, which is available through this hyperlink.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Barclays boosted their target price on MongoDB from $305.00 to $345.00 and gave the stock an "overweight" rating in a report on Thursday, September 18th. Scotiabank boosted their price target on MongoDB from $280.00 to $320.00 and gave the stock a "sector perform" rating in a research note on Friday, September 19th. Sanford C. Bernstein upped their price objective on MongoDB from $319.00 to $338.00 and gave the company an "outperform" rating in a research report on Wednesday, August 27th. Morgan Stanley upped their price target on MongoDB from $255.00 to $325.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Finally, Canaccord Genuity Group upped their price target on MongoDB from $340.00 to $375.00 and gave the stock a "buy" rating in a research report on Monday. 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 stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $336.83.

MongoDB Stock Performance

The firm has a fifty day simple moving average of $262.23 and a 200 day simple moving average of $213.58. The company has a market capitalization of $25.65 billion, a PE ratio of -321.73 and a beta of 1.49.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Main Management ETF Advisors LLC lifted its holdings in shares of MongoDB by 1.7% in the 2nd quarter. Main Management ETF Advisors LLC now owns 3,665 shares of the company's stock valued at $770,000 after buying an additional 60 shares during the period. Carnegie Investment Counsel lifted its holdings in shares of MongoDB by 3.6% in the 2nd quarter. Carnegie Investment Counsel now owns 1,803 shares of the company's stock valued at $379,000 after buying an additional 62 shares during the period. Handelsbanken Fonder AB lifted its holdings in shares of MongoDB by 0.4% in the 1st quarter. Handelsbanken Fonder AB now owns 14,816 shares of the company's stock valued at $2,599,000 after buying an additional 65 shares during the period. New York Life Investment Management LLC lifted its holdings in shares of MongoDB by 6.2% in the 2nd quarter. New York Life Investment Management LLC now owns 1,236 shares of the company's stock valued at $260,000 after buying an additional 72 shares during the period. Finally, Wedbush Securities Inc. lifted its holdings in shares of MongoDB by 2.6% in the 1st quarter. Wedbush Securities Inc. now owns 3,022 shares of the company's stock valued at $530,000 after buying an additional 77 shares during the period. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

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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