MongoDB (NASDAQ:MDB) Given New $360.00 Price Target at BMO Capital Markets

MongoDB (NASDAQ:MDB) had its target price raised by analysts at BMO Capital Markets from $285.00 to $360.00 in a research note issued on Friday. The firm presently has an “outperform” rating on the stock. BMO Capital Markets’ target price indicates a potential upside of 18.78% from the stock’s previous close.

Several other equities analysts have also recently commented on MDB. Wedbush lowered their target price on shares of MongoDB from $440.00 to $380.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 3rd. DA Davidson reduced their price target on shares of MongoDB from $465.00 to $385.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Rosenblatt Securities reiterated a “buy” rating and set a $425.00 price objective on shares of MongoDB in a research note on Monday, March 2nd. Barclays dropped their target price on MongoDB from $440.00 to $370.00 and set an “overweight” rating on the stock in a report on Tuesday, March 3rd. Finally, Sanford C. Bernstein downgraded MongoDB from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 3rd. Twenty-six investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $364.23.

MongoDB Price Performance

MDB opened at $303.09 on Friday. The stock’s 50 day moving average price is $261.14 and its 200 day moving average price is $335.93. The stock has a market cap of $24.36 billion, a P/E ratio of -344.42 and a beta of 1.48. MongoDB has a 12 month low of $182.43 and a 12 month high of $444.72.

MongoDB (NASDAQ:MDB) last announced its quarterly earnings results on Monday, March 2nd. The company reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.47 by $0.18. The company had revenue of $695.07 million during the quarter, compared to analyst estimates of $669.40 million. MongoDB had a negative return on equity of 1.03% and a negative net margin of 2.89%.The firm’s quarterly revenue was up 26.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.28 EPS. Equities analysts anticipate that MongoDB will post -0.46 EPS for the current year.

Insider Buying and Selling

In related news, Director Hope F. Cochran sold 1,566 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $249.33, for a total transaction of $390,450.78. Following the completion of the sale, the director directly owned 24,093 shares of the company’s stock, valued at $6,007,107.69. This represents a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dwight A. Merriman sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $290.06, for a total transaction of $580,120.00. Following the sale, the director owned 1,003,316 shares of the company’s stock, valued at $291,021,838.96. The trade was a 0.20% 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. Insiders sold a total of 15,566 shares of company stock worth $3,875,011 over the last quarter. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On MongoDB

Hedge funds have recently modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of MongoDB in the 1st quarter valued at $18,725,000. Renaissance Technologies LLC acquired a new stake in MongoDB during the 1st quarter worth about $34,459,000. SC US Ttgp LTD. purchased a new stake in MongoDB during the first quarter valued at about $662,000. GC Wealth Management RIA LLC lifted its stake in MongoDB by 4.6% during the first quarter. GC Wealth Management RIA LLC now owns 1,890 shares of the company’s stock valued at $463,000 after buying an additional 83 shares in the last quarter. Finally, Inceptionr LLC acquired a new position in shares of MongoDB in the first quarter worth about $316,000. 89.29% of the stock is currently owned by institutional investors and hedge funds.

About MongoDB

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.