MongoDB (NASDAQ:MDB) Upgraded by Zacks Research to Strong-Buy Rating

Key Points

• MongoDB has been upgraded by Zacks Research from a "hold" to a "strong-buy" rating, indicating increased confidence in the company's performance.
• In recent reports, analysts have varied ratings on MongoDB, with two giving a "strong buy", twenty-eight a "buy", eight a "hold", and one a "sell".
• The current average target price for MongoDB shares is $342.69, reflecting optimism about its future market performance.

MongoDB (NASDAQ:MDB - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Monday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings reissued a "sell (e+)" rating on shares of MongoDB in a report on Saturday, September 27th. DA Davidson lifted their price target on MongoDB from $325.00 to $365.00 and gave the company a "buy" rating in a research note on Thursday, September 18th. Canaccord Genuity Group lifted their price target on MongoDB from $340.00 to $375.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Stifel Nicolaus lifted their price target on MongoDB from $325.00 to $375.00 and gave the company a "buy" rating in a research note on Thursday, September 18th. Finally, Wall Street Zen upgraded MongoDB from a "hold" rating to a "buy" rating in a research note on Saturday, September 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, MongoDB has an average rating of "Moderate Buy" and an average target price of $342.69.

MongoDB Stock Down 1.1%

Shares of MDB stock opened at $318.46 on Monday. The stock has a market cap of $25.91 billion, a PE ratio of -324.96 and a beta of 1.50. The business has a 50-day simple moving average of $280.22 and a 200-day simple moving average of $222.54. MongoDB has a 52-week low of $140.78 and a 52-week high of $370.00.

Insider Activity at MongoDB

In other news, Director Hope F. Cochran sold 1,174 shares of the company's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $327.93, for a total value of $384,989.82. Following the completion of the sale, the director directly owned 24,308 shares in the company, valued at $7,971,322.44. This represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Peter Thomas Killalea sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $321.87, for a total value of $6,437,400.00. Following the completion of the sale, the director owned 32,293 shares of the company's stock, valued at $10,394,147.91. This trade represents a 38.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 106,163 shares of company stock worth $31,862,322 in the last quarter. Corporate insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On MongoDB

Large investors have recently made changes to their positions in the stock. Cloud Capital Management LLC purchased a new stake in shares of MongoDB in the first quarter valued at approximately $25,000. Hollencrest Capital Management purchased a new stake in shares of MongoDB in the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. grew its position in shares of MongoDB by 315.8% in the first quarter. Cullen Frost Bankers Inc. now owns 158 shares of the company's stock valued at $28,000 after purchasing an additional 120 shares in the last quarter. Montag A & Associates Inc. grew its position in shares of MongoDB by 144.3% in the second quarter. Montag A & Associates Inc. now owns 171 shares of the company's stock valued at $36,000 after purchasing an additional 101 shares in the last quarter. Finally, Promus Capital LLC acquired a new position in MongoDB in the second quarter valued at approximately $36,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.