MongoDB (NASDAQ:MDB) Price Target Raised to $400.00 at Royal Bank of Canada

MongoDB (NASDAQ:MDB) had its target price lifted by equities researchers at Royal Bank of Canada from $350.00 to $400.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 34.59% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Truist Financial raised their target price on MongoDB from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Citigroup lifted their target price on shares of MongoDB from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Loop Capital increased their price target on shares of MongoDB from $315.00 to $400.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Morgan Stanley lifted their price objective on MongoDB from $340.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Needham & Company LLC increased their target price on MongoDB from $335.00 to $415.00 and gave the stock a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, MongoDB presently has an average rating of “Moderate Buy” and a consensus target price of $372.88.

MongoDB Stock Performance

NASDAQ:MDB opened at $297.20 on Tuesday. The firm’s 50-day moving average is $292.42 and its 200-day moving average is $268.98. The company has a market cap of $21.95 billion, a price-to-earnings ratio of -98.41 and a beta of 1.17. The company has a debt-to-equity ratio of 0.84, a quick ratio of 5.03 and a current ratio of 5.03. MongoDB has a 52-week low of $212.74 and a 52-week high of $509.62.

MongoDB (NASDAQ:MDB) last issued its quarterly earnings results on Monday, December 9th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.48. MongoDB had a negative return on equity of 15.06% and a negative net margin of 12.08%. The firm had revenue of $529.40 million for the quarter, compared to analyst estimates of $497.39 million. During the same period in the previous year, the company posted $0.96 earnings per share. The company’s quarterly revenue was up 22.3% compared to the same quarter last year. Equities research analysts anticipate that MongoDB will post -2.37 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Thomas Bull sold 154 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $256.25, for a total value of $39,462.50. Following the transaction, the chief accounting officer now directly owns 16,068 shares in the company, valued at $4,117,425. This represents a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Dwight A. Merriman sold 3,000 shares of MongoDB stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $256.25, for a total transaction of $768,750.00. Following the sale, the director now directly owns 1,131,006 shares of the company’s stock, valued at $289,820,287.50. This represents a 0.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,600 shares of company stock worth $7,611,849 in the last quarter. Insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MDB. MFA Wealth Advisors LLC bought a new position in MongoDB during the 2nd quarter worth approximately $25,000. J.Safra Asset Management Corp raised its holdings in MongoDB by 682.4% in the second quarter. J.Safra Asset Management Corp now owns 133 shares of the company’s stock worth $33,000 after purchasing an additional 116 shares during the period. Quarry LP boosted its position in shares of MongoDB by 2,580.0% during the second quarter. Quarry LP now owns 134 shares of the company’s stock worth $33,000 after purchasing an additional 129 shares in the last quarter. Hantz Financial Services Inc. acquired a new position in shares of MongoDB in the 2nd quarter valued at $35,000. Finally, Brooklyn Investment Group bought a new stake in shares of MongoDB in the 3rd quarter valued at $36,000. 89.29% of the stock is currently owned by 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.