MongoDB (NASDAQ:MDB) Now Covered by Analysts at BMO Capital Markets

Key Points

• BMO Capital Markets has initiated coverage on MongoDB with an "outperform" rating and set a price target of $280.00, indicating a potential upside of 14.56% from the company's last closing price.
• MongoDB recently reported a 21.8% year-over-year increase in quarterly revenue, with an EPS of $1.00, exceeding the consensus estimate of $0.65.
• Overall, analysts maintain a consensus rating of "Moderate Buy" for MongoDB, with 26 buy ratings and an average target price of $281.31 across multiple research firms.

BMO Capital Markets initiated coverage on shares of MongoDB (NASDAQ:MDB - Free Report) in a report published on Monday, Marketbeat Ratings reports. The firm issued an outperform rating and a $280.00 price target on the stock.

Other equities research analysts also recently issued reports about the stock. Stifel Nicolaus decreased their price target on shares of MongoDB from $340.00 to $275.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Citigroup decreased their price target on shares of MongoDB from $430.00 to $330.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Scotiabank lifted their price target on shares of MongoDB from $160.00 to $230.00 and gave the company a "sector perform" rating in a research note on Thursday, June 5th. Morgan Stanley reduced their price objective on shares of MongoDB from $315.00 to $235.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Stephens initiated coverage on shares of MongoDB in a report on Friday, July 18th. They set an "equal weight" rating and a $247.00 price objective for the company. Nine analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, MongoDB has a consensus rating of "Moderate Buy" and a consensus target price of $281.31.

MongoDB Price Performance

NASDAQ MDB traded down $16.92 during mid-day trading on Monday, reaching $220.97. 3,008,422 shares of the stock were exchanged, compared to its average volume of 2,301,451. MongoDB has a one year low of $140.78 and a one year high of $370.00. The stock has a 50 day simple moving average of $210.80 and a 200-day simple moving average of $212.59. The stock has a market cap of $18.06 billion, a P/E ratio of -193.83 and a beta of 1.41.

MongoDB (NASDAQ:MDB - Get Free Report) last announced its earnings results on Wednesday, June 4th. The company reported $1.00 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.35. MongoDB had a negative net margin of 4.09% and a negative return on equity of 3.16%. The business had revenue of $549.01 million during the quarter, compared to the consensus estimate of $527.49 million. During the same quarter last year, the firm earned $0.51 earnings per share. MongoDB's quarterly revenue was up 21.8% on a year-over-year basis. Sell-side analysts anticipate that MongoDB will post -1.78 EPS for the current fiscal year.

Insider Activity

In other news, CEO Dev Ittycheria sold 8,335 shares of the company's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $243.89, for a total value of $2,032,823.15. Following the completion of the sale, the chief executive officer owned 236,557 shares of the company's stock, valued at approximately $57,693,886.73. This represents a 3.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Hope F. Cochran sold 1,174 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $201.08, for a total transaction of $236,067.92. Following the completion of the sale, the director directly owned 21,096 shares of the company's stock, valued at $4,241,983.68. This trade represents a 5.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,416 shares of company stock valued at $11,936,656. Corporate insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On MongoDB

Several institutional investors have recently added to or reduced their stakes in the company. New York Life Investment Management LLC lifted its position 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 worth $260,000 after purchasing an additional 72 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in shares of MongoDB by 17.8% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 18,487 shares of the company's stock worth $3,882,000 after purchasing an additional 2,800 shares during the period. Teacher Retirement System of Texas lifted its position in shares of MongoDB by 13.3% in the 2nd quarter. Teacher Retirement System of Texas now owns 12,329 shares of the company's stock worth $2,589,000 after purchasing an additional 1,447 shares during the period. Oppenheimer Asset Management Inc. lifted its position in MongoDB by 6.7% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 7,530 shares of the company's stock valued at $1,581,000 after acquiring an additional 472 shares during the period. Finally, Brighton Jones LLC purchased a new position in MongoDB during the 2nd quarter valued at about $942,000. Hedge funds and other institutional investors own 89.29% of the company's stock.

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.