MongoDB (NASDAQ:MDB) Raised to Buy at Wall Street Zen

Key Points

• MongoDB has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, reflecting increased confidence in its stock performance.
• Several analysts have raised their price targets for MongoDB's shares, with estimates ranging from $325.00 to $400.00, indicating strong market support.
• Insider trading activity includes recent stock sales, with company directors reducing their holdings, though institutional investors own approximately 89.29% of the stock.

Wall Street Zen upgraded shares of MongoDB (NASDAQ:MDB - Free Report) from a hold rating to a buy rating in a report issued on Saturday morning.

MDB has been the topic of a number of other research reports. Wolfe Research raised their target price on shares of MongoDB from $280.00 to $350.00 and gave the company an "outperform" rating in a research note on Wednesday, August 27th. BMO Capital Markets boosted their price target on shares of MongoDB from $315.00 to $365.00 and gave the stock an "outperform" rating in a research report on Thursday. Rosenblatt Securities reaffirmed a "buy" rating and issued a $290.00 price objective on shares of MongoDB in a research note on Friday, August 22nd. Citigroup reissued an "outperform" rating on shares of MongoDB in a research report on Friday. Finally, Needham & Company LLC boosted their price objective on shares of MongoDB from $325.00 to $365.00 and gave the company a "buy" rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, MongoDB presently has an average rating of "Moderate Buy" and a consensus price target of $335.83.

MongoDB Price Performance

Shares of NASDAQ:MDB traded up $7.13 on Friday, reaching $323.43. The company's stock had a trading volume of 3,033,722 shares, compared to its average volume of 4,094,820. The stock has a market capitalization of $26.31 billion, a P/E ratio of -330.03 and a beta of 1.49. MongoDB has a 52-week low of $140.78 and a 52-week high of $370.00. The stock's 50-day moving average is $257.58 and its two-hundred day moving average is $211.77.

Insiders Place Their Bets

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. Also, Director Charles M. Hazard, Jr. sold 833 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $310.00, for a total value of $258,230.00. Following the completion of the sale, the director directly owned 47,366 shares in the company, valued at $14,683,460. This trade represents a 1.73% 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 $16,441,331. 3.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC raised its stake in MongoDB by 2,567.2% in the second quarter. AQR Capital Management LLC now owns 1,111,647 shares of the company's stock valued at $233,435,000 after buying an additional 1,069,969 shares in the last quarter. Jericho Capital Asset Management L.P. purchased a new position in MongoDB in the 1st quarter valued at about $161,543,000. Norges Bank acquired a new stake in shares of MongoDB in the second quarter valued at approximately $164,338,000. Primecap Management Co. CA increased its stake in shares of MongoDB by 863.5% during the first quarter. Primecap Management Co. CA now owns 870,550 shares of the company's stock valued at $152,694,000 after acquiring an additional 780,200 shares during the period. Finally, Vanguard Group Inc. boosted its stake in MongoDB by 9.5% in the 2nd 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 during the period. 89.29% of the stock is currently owned by hedge funds and other 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.