MongoDB (NASDAQ:MDB) Price Target Raised to $230.00

MongoDB (NASDAQ:MDB - Get Free Report) had its price objective boosted by equities researchers at Scotiabank from $160.00 to $230.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "sector perform" rating on the stock. Scotiabank's price objective suggests a potential upside of 2.05% from the stock's previous close.

A number of other equities analysts have also issued reports on the stock. Loop Capital lowered shares of MongoDB from a "buy" rating to a "hold" rating and reduced their price target for the stock from $350.00 to $190.00 in a research report on Tuesday, May 20th. Mizuho reduced their target price on shares of MongoDB from $250.00 to $190.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Robert W. Baird reduced their target price on shares of MongoDB from $390.00 to $300.00 and set an "outperform" rating for the company in a report on Thursday, March 6th. Macquarie reduced their target price on shares of MongoDB from $300.00 to $215.00 and set a "neutral" rating for the company in a report on Friday, March 7th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $270.00 price objective on shares of MongoDB in a research note on Thursday. Eight investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $282.00.

MongoDB Stock Up 12.8%

Shares of MongoDB stock traded up $25.65 during midday trading on Thursday, hitting $225.38. The company had a trading volume of 13,169,003 shares, compared to its average volume of 1,945,019. The stock has a market cap of $18.30 billion, a price-to-earnings ratio of -82.26 and a beta of 1.40. The company has a fifty day simple moving average of $175.65 and a 200 day simple moving average of $230.40. MongoDB has a 12-month low of $140.78 and a 12-month high of $370.00.

MongoDB (NASDAQ:MDB - Get Free Report) last posted its quarterly earnings results on Wednesday, June 4th. The company reported $1.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.65 by $0.35. The business had revenue of $549.01 million during the quarter, compared to analysts' expectations of $527.49 million. MongoDB had a negative net margin of 10.46% and a negative return on equity of 12.22%. The business's quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter last year, the company posted $0.51 earnings per share. As a group, analysts expect that MongoDB will post -1.78 EPS for the current year.

Insider Transactions at MongoDB

In related news, insider Cedric Pech sold 1,690 shares of the company's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $173.26, for a total transaction of $292,809.40. Following the completion of the sale, the insider now owns 57,634 shares of the company's stock, valued at approximately $9,985,666.84. This represents a 2.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Srdjan Tanjga sold 525 shares of the company's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $173.26, for a total transaction of $90,961.50. Following the sale, the chief financial officer now directly owns 6,406 shares of the company's stock, valued at approximately $1,109,903.56. This represents a 7.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,203 shares of company stock valued at $3,848,569 over the last 90 days. Corporate insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On MongoDB

A number of large investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. grew its holdings in MongoDB by 287.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 55,736 shares of the company's stock valued at $13,130,000 after buying an additional 41,339 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of MongoDB by 12.2% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 195,443 shares of the company's stock valued at $45,501,000 after purchasing an additional 21,308 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of MongoDB by 20.9% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 7,382 shares of the company's stock valued at $1,719,000 after purchasing an additional 1,274 shares during the period. Stephens Investment Management Group LLC grew its holdings in shares of MongoDB by 34.3% in the fourth quarter. Stephens Investment Management Group LLC now owns 41,183 shares of the company's stock valued at $9,588,000 after purchasing an additional 10,519 shares during the period. Finally, Vaughan Nelson Investment Management L.P. purchased a new stake in shares of MongoDB in the 4th quarter valued at approximately $15,522,000. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

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.