MongoDB (NASDAQ:MDB) Stock Price Up 7.4% After Analyst Upgrade

Key Points

• MongoDB shares rose 7.4% after DA Davidson raised its price target from $375 to $465 and maintained a Buy rating. The stock traded near $436, while average analyst coverage remains “Moderate Buy” with a consensus target of $453.19.
• Recent analyst actions have generally been positive, including target increases from Citizens JMP, Oppenheimer, Needham, Wedbush and Mizuho; 28 of 35 analysts rate MongoDB a Buy or Strong Buy.
• MongoDB’s latest quarterly results exceeded expectations, with adjusted earnings of $1.32 per share versus $1.19 expected and revenue of $687.62 million, up 25.2% year over year. Insiders have sold about $49.3 million of shares over the past 90 days, while institutions and hedge funds own 89.29% of the stock.

MongoDB, Inc. (NASDAQ:MDB - Get Free Report) shares were up 7.4% during trading on Thursday after DA Davidson raised their price target on the stock from $375.00 to $465.00. DA Davidson currently has a buy rating on the stock. MongoDB traded as high as $435.71 and last traded at $436.3130. Approximately 92,635 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 1,845,679 shares. The stock had previously closed at $406.11.

Several other equities analysts have also recently weighed in on the company. Needham & Company LLC lifted their price objective on MongoDB from $400.00 to $430.00 and gave the company a "buy" rating in a report on Friday, July 10th. Citizens Jmp raised their target price on shares of MongoDB from $366.00 to $519.00 and gave the stock a "market outperform" rating in a report on Wednesday, August 19th. Wedbush lifted their price target on shares of MongoDB from $380.00 to $390.00 and gave the company an "outperform" rating in a research note on Friday, May 29th. Mizuho upped their price target on shares of MongoDB from $325.00 to $400.00 and gave the company an "outperform" rating in a report on Friday, May 29th. Finally, Oppenheimer increased their price objective on shares of MongoDB from $410.00 to $475.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, MongoDB presently has an average rating of "Moderate Buy" and an average price target of $453.19.

Insider Buying and Selling

In other MongoDB news, CFO Michael J. Berry sold 5,000 shares of MongoDB stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $356.63, for a total value of $1,783,150.00. Following the transaction, the chief financial officer owned 1,500 shares in the company, valued at $534,945. The trade was a 76.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Dwight A. Merriman sold 10,000 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $353.91, for a total transaction of $3,539,100.00. Following the transaction, the director owned 983,316 shares of the company's stock, valued at approximately $348,005,365.56. This represents a 1.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 125,746 shares of company stock worth $49,310,038. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On MongoDB

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cornerstone Planning Group LLC increased its position in shares of MongoDB by 1,220.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 66 shares of the company's stock worth $27,000 after buying an additional 61 shares during the period. International Assets Investment Management LLC acquired a new stake in MongoDB during the 4th quarter worth about $33,000. Cassaday & Co Wealth Management LLC bought a new position in shares of MongoDB in the 1st quarter worth about $34,000. Smallwood Wealth Investment Management LLC bought a new position in shares of MongoDB in the 2nd quarter worth about $34,000. Finally, NBH Bank acquired a new position in shares of MongoDB in the 2nd quarter valued at about $34,000. 89.29% of the stock is currently owned by institutional investors and hedge funds.

MongoDB Trading Up 8.1%

The firm has a 50-day moving average of $360.53 and a 200 day moving average of $319.94. The company has a market cap of $35.31 billion, a P/E ratio of -1,184.23, a price-to-earnings-growth ratio of 2,876.48 and a beta of 1.55.

MongoDB (NASDAQ:MDB - Get Free Report) last issued its earnings results on Thursday, May 28th. The company reported $1.32 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.13. The business had revenue of $687.62 million during the quarter, compared to the consensus estimate of $664.53 million. MongoDB had a negative return on equity of 1.39% and a negative net margin of 1.12%.The firm's revenue for the quarter was up 25.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.00 earnings per share. On average, equities analysts predict that MongoDB, Inc. will post 0.01 EPS for the current year.

MongoDB Company Profile

MongoDB, Inc is a software company best known for developing MongoDB, a general-purpose, document-oriented database designed for modern application development. The company's platform is built to support high-performance, scalable data storage and retrieval for use cases such as cloud-native applications, mobile backends, real-time analytics, and content management. MongoDB offers a mix of open-source software, commercial server distributions, and subscription-based services that include technical support, training and professional services.

The company traces its origins to 2007 when it was founded as 10gen by Dwight Merriman and Eliot Horowitz; it later adopted the MongoDB name and completed a public listing in 2017.

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