MongoDB's (MDB) "Outperform" Rating Reaffirmed at Royal Bank Of Canada

Key Points

• Royal Bank Of Canada has reaffirmed its "outperform" rating for MongoDB, setting a price target of $350.00, indicating a potential upside of 11.24% from the current stock price.
• Other brokerages, including BMO Capital Markets and Oppenheimer, have also raised their price targets for MongoDB, reflecting strong positive sentiment overall among analysts.
• Insider trading activity includes significant sales by the company's Director and CEO, with insiders having sold a total of 58,556 shares worth over $16 million in the last 90 days.

Royal Bank Of Canada reiterated their outperform rating on shares of MongoDB (NASDAQ:MDB - Free Report) in a report issued on Thursday morning,Benzinga reports. They currently have a $350.00 target price on the stock.

MDB has been the subject of a number of other research reports. Stifel Nicolaus boosted their price objective on shares of MongoDB from $275.00 to $325.00 and gave the stock a "buy" rating in a research note on Wednesday, August 27th. JMP Securities reissued a "market outperform" rating and issued a $345.00 price objective on shares of MongoDB in a research note on Wednesday, August 27th. Bank of America boosted their price objective on shares of MongoDB from $345.00 to $380.00 and gave the stock a "buy" rating in a research note on Thursday. Barclays boosted their price objective on shares of MongoDB from $305.00 to $345.00 and gave the stock an "overweight" rating in a research note on Thursday. Finally, BMO Capital Markets boosted their price objective on shares of MongoDB from $315.00 to $365.00 and gave the stock an "outperform" rating in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $335.83.

MongoDB Trading Up 2.3%

Shares of MongoDB stock traded up $7.13 on Thursday, hitting $323.43. 3,033,722 shares of the company traded hands, compared to its average volume of 4,094,820. The stock's 50 day moving average price is $257.58 and its 200-day moving average price is $212.13. MongoDB has a 52 week low of $140.78 and a 52 week high of $370.00. The company has a market cap of $26.31 billion, a PE ratio of -330.03 and a beta of 1.49.

Insider Buying and Selling

In other MongoDB news, Director Hope F. Cochran sold 1,174 shares of the company's stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $327.93, for a total value of $384,989.82. Following the sale, the director directly owned 24,308 shares of the company's stock, valued at approximately $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 can be accessed through this link. Also, Director Dwight A. Merriman sold 1,000 shares of the company's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $245.00, for a total transaction of $245,000.00. Following the completion of the transaction, the director owned 1,104,316 shares of the company's stock, valued at approximately $270,557,420. This trade represents a 0.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,730 shares of company stock valued at $16,441,331 in the last 90 days. 3.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Cloud Capital Management LLC acquired a new position in shares of MongoDB in the first quarter worth about $25,000. Hollencrest Capital Management acquired a new position in shares of MongoDB in the first quarter worth about $26,000. Cullen Frost Bankers Inc. raised 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 worth $28,000 after acquiring an additional 120 shares during the period. Montag A & Associates Inc. raised 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 worth $36,000 after acquiring an additional 101 shares during the period. Finally, Promus Capital LLC acquired a new position in shares of MongoDB in the second quarter worth about $36,000. Institutional investors and hedge funds own 89.29% of the company's stock.

About MongoDB

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.