MongoDB Sees Unusually Large Options Volume (NASDAQ:MDB)

Key Points

• MongoDB, Inc. experienced a significant increase in options trading, with a 2,157% rise in put options on a recent Wednesday.
• Several analysts upgraded their price targets for MongoDB, with estimates reaching up to $350.00, indicating strong market confidence in the stock.
• The CEO, Dev Ittycheria, sold 33,320 shares, representing a 14.09% decrease in ownership, highlighting notable insider trading activity.

MongoDB, Inc. (NASDAQ:MDB - Get Free Report) was the recipient of unusually large options trading activity on Wednesday. Traders bought 23,831 put options on the stock. This represents an increase of approximately 2,157% compared to the average daily volume of 1,056 put options.

Analysts Set New Price Targets

Several research analysts have commented on the stock. DA Davidson upped their target price on shares of MongoDB from $325.00 to $365.00 and gave the stock a "buy" rating in a research report on Thursday. William Blair restated an "outperform" rating on shares of MongoDB in a research report on Thursday, June 26th. Sanford C. Bernstein upped their price target on shares of MongoDB from $319.00 to $338.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 27th. Needham & Company LLC upped their price target on shares of MongoDB from $325.00 to $365.00 and gave the stock a "buy" rating in a research note on Friday. Finally, Cantor Fitzgerald upped their price target on shares of MongoDB from $312.00 to $406.00 and gave the stock an "overweight" rating in a research note on Thursday. 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, MongoDB currently has a consensus rating of "Moderate Buy" and a consensus target price of $335.83.

MongoDB Stock Performance

Shares of NASDAQ:MDB traded up $7.13 during trading on Friday, reaching $323.43. The company had a trading volume of 3,033,722 shares, compared to its average volume of 4,156,311. MongoDB has a twelve month low of $140.78 and a twelve month high of $370.00. The firm has a market capitalization of $26.31 billion, a PE ratio of -330.03 and a beta of 1.49. The firm's fifty day moving average is $257.58 and its 200 day moving average is $211.90.

Insider Transactions at MongoDB

In other MongoDB news, Director Hope F. Cochran sold 1,174 shares of the company's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $327.93, for a total value of $384,989.82. Following the completion of the transaction, the director owned 24,308 shares in the company, valued at approximately $7,971,322.44. This represents a 4.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Dev Ittycheria sold 33,320 shares of the company's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $301.29, for a total transaction of $10,038,982.80. Following the completion of the transaction, the chief executive officer owned 203,237 shares of the company's stock, valued at approximately $61,233,275.73. This trade represents a 14.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,730 shares of company stock worth $16,441,331 in the last quarter. 3.10% of the stock is currently owned by corporate insiders.

Institutional Trading of MongoDB

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC lifted its stake in MongoDB by 20.0% during the second quarter. Parallel Advisors LLC now owns 1,494 shares of the company's stock valued at $314,000 after purchasing an additional 249 shares during the last quarter. 111 Capital acquired a new stake in MongoDB during the fourth quarter valued at approximately $390,000. Park Avenue Securities LLC lifted its stake in MongoDB by 52.6% during the first quarter. Park Avenue Securities LLC now owns 2,630 shares of the company's stock valued at $461,000 after purchasing an additional 907 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in MongoDB by 4.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,748 shares of the company's stock valued at $1,359,000 after purchasing an additional 298 shares during the last quarter. Finally, Sowell Financial Services LLC acquired a new stake in shares of MongoDB during the first quarter valued at approximately $263,000. 89.29% of the stock is owned by institutional investors and hedge funds.

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.