MongoDB (NASDAQ:MDB) Now Covered by Wells Fargo & Company

Key Points

• Wells Fargo & Company upgraded MongoDB (NASDAQ: MDB) to a "strong-buy" rating, reflecting increasing confidence in the company's performance.
• Multiple research firms have raised their price targets for MongoDB, with Stifel Nicolaus and JMP Securities both increasing their targets to $375.00.
• MongoDB's shares saw a 3.6% increase in trading, with the stock currently valued at approximately $321.53 after reaching a one-year high of $370.00.

Wells Fargo & Company assumed coverage on shares of MongoDB (NASDAQ:MDB - Get Free Report) in a report issued on Tuesday, Marketbeat reports. The brokerage set an "overweight" rating on the stock.

Other equities analysts have also recently issued reports about the stock. Guggenheim upped their target price on shares of MongoDB from $310.00 to $400.00 and gave the company a "buy" rating in a research note on Monday, September 15th. William Blair reiterated an "outperform" rating on shares of MongoDB in a research note on Thursday, June 26th. UBS Group boosted their target price on shares of MongoDB from $310.00 to $330.00 and gave the company a "neutral" rating in a research note on Thursday, September 18th. JMP Securities upped their price target on shares of MongoDB from $345.00 to $375.00 and gave the stock a "market outperform" rating in a research report on Friday, September 19th. Finally, Canaccord Genuity Group upped their price target on shares of MongoDB from $340.00 to $375.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $342.69.

MongoDB Stock Up 3.6%

NASDAQ:MDB opened at $321.53 on Tuesday. MongoDB has a 12 month low of $140.78 and a 12 month high of $370.00. The firm has a market cap of $26.16 billion, a price-to-earnings ratio of -328.09 and a beta of 1.50. The company's 50 day moving average is $273.70 and its 200-day moving average is $218.70.

Insider Buying and Selling

In related news, Director Charles M. Hazard, Jr. sold 166 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $310.00, for a total value of $51,460.00. Following the sale, the director owned 14,493 shares in the company, valued at approximately $4,492,830. This represents a 1.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dwight A. Merriman sold 6,000 shares of the stock in a transaction on Friday, September 19th. The shares were sold at an average price of $320.80, for a total value of $1,924,800.00. Following the completion of the sale, the director owned 514,896 shares in the company, valued at approximately $165,178,636.80. This trade represents a 1.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 106,163 shares of company stock worth $31,862,322 in the last quarter. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MDB. Parallel Advisors LLC increased its position in shares of MongoDB by 20.0% in the second quarter. Parallel Advisors LLC now owns 1,494 shares of the company's stock worth $314,000 after purchasing an additional 249 shares during the period. Park Avenue Securities LLC increased its position in shares of MongoDB by 52.6% in the first quarter. Park Avenue Securities LLC now owns 2,630 shares of the company's stock worth $461,000 after purchasing an additional 907 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in MongoDB by 4.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,748 shares of the company's stock valued at $1,359,000 after buying an additional 298 shares in the last quarter. Acadian Asset Management LLC boosted its stake in MongoDB by 181.8% in the first quarter. Acadian Asset Management LLC now owns 562,190 shares of the company's stock valued at $98,586,000 after buying an additional 362,705 shares in the last quarter. Finally, Sowell Financial Services LLC acquired a new stake in MongoDB in the first quarter valued at about $263,000. 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.