Wedbush Forecasts Strong Price Appreciation for MongoDB (NASDAQ:MDB) Stock

Key Points

• Wedbush raised its price target for MongoDB (NASDAQ:MDB) from $300 to $400, indicating a potential upside of 21.18% from the stock's previous close, while maintaining an "outperform" rating.
• Other firms, including Morgan Stanley and Bank of America, have also increased their price targets for MongoDB, with a consensus target price of $316.29 and an average rating of "Moderate Buy."
• Recent insider transactions showed CEO Dev Ittycheria sold over 33,000 shares for approximately $10 million, which represented a 14.09% decrease in his ownership stake.

MongoDB (NASDAQ:MDB - Get Free Report) had its price objective boosted by Wedbush from $300.00 to $400.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Wedbush's target price indicates a potential upside of 21.18% from the stock's previous close.

A number of other research firms have also weighed in on MDB. Morgan Stanley increased their price objective on shares of MongoDB from $255.00 to $325.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Bank of America increased their price objective on shares of MongoDB from $275.00 to $345.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Rosenblatt Securities reaffirmed a "buy" rating and set a $290.00 price objective on shares of MongoDB in a report on Friday, August 22nd. UBS Group raised their price target on shares of MongoDB from $240.00 to $310.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 27th. Finally, Piper Sandler raised their price target on shares of MongoDB from $275.00 to $345.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 27th. One analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $316.29.

MongoDB Trading Down 0.6%

Shares of MongoDB stock opened at $330.10 on Monday. MongoDB has a 12-month low of $140.78 and a 12-month high of $370.00. The firm has a market capitalization of $26.86 billion, a price-to-earnings ratio of -336.84 and a beta of 1.49. The firm's 50 day simple moving average is $246.21 and its two-hundred day simple moving average is $209.25.

Insider Buying and Selling at MongoDB

In related news, CEO Dev Ittycheria sold 33,320 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $301.29, for a total value of $10,038,982.80. Following the transaction, the chief executive officer owned 203,237 shares in the company, valued at approximately $61,233,275.73. This trade represents a 14.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Thomas Bull sold 1,000 shares of MongoDB stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $326.25, for a total transaction of $326,250.00. Following the sale, the chief accounting officer owned 11,598 shares in the company, valued at $3,783,847.50. This represents a 7.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,730 shares of company stock valued at $16,292,409 in the last quarter. Insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On MongoDB

Several hedge funds and other institutional investors have recently modified their holdings of the company. Daventry Group LP raised its stake in shares of MongoDB by 6.3% during the second quarter. Daventry Group LP now owns 151,161 shares of the company's stock valued at $31,742,000 after purchasing an additional 9,000 shares in the last quarter. Centaurus Financial Inc. grew its position in MongoDB by 11.0% during the second quarter. Centaurus Financial Inc. now owns 3,019 shares of the company's stock valued at $634,000 after purchasing an additional 300 shares in the last quarter. Orion Porfolio Solutions LLC grew its position in MongoDB by 14.4% during the second quarter. Orion Porfolio Solutions LLC now owns 8,339 shares of the company's stock valued at $1,751,000 after purchasing an additional 1,047 shares in the last quarter. MASTERINVEST Kapitalanlage GmbH acquired a new position in MongoDB in the second quarter worth approximately $1,727,000. Finally, Promus Capital LLC bought a new stake in MongoDB during the second quarter worth approximately $36,000. Institutional investors and hedge funds own 89.29% of the company's stock.

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.

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