Fred Alger Management LLC Purchases New Shares in MongoDB, Inc. $MDB

Fred Alger Management LLC acquired a new stake in MongoDB, Inc. (NASDAQ:MDB) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 523,389 shares of the company’s stock, valued at approximately $162,449,000. MongoDB makes up approximately 0.6% of Fred Alger Management LLC’s holdings, making the stock its 26th largest position.

Other large investors have also modified their holdings of the company. Focus Partners Wealth boosted its stake in shares of MongoDB by 6.3% during the 3rd quarter. Focus Partners Wealth now owns 12,292 shares of the company’s stock worth $3,816,000 after acquiring an additional 732 shares in the last quarter. Eminence Capital LP purchased a new position in shares of MongoDB in the 3rd quarter valued at about $134,409,000. Candlestick Capital Management LP purchased a new position in shares of MongoDB in the 3rd quarter valued at about $79,300,000. Clear Street Group Inc. acquired a new position in MongoDB in the 3rd quarter worth about $4,213,000. Finally, Avala Global LP acquired a new position in MongoDB in the 3rd quarter worth about $85,292,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the company. Rosenblatt Securities reissued a “buy” rating and issued a $425.00 price objective on shares of MongoDB in a report on Monday, March 2nd. Guggenheim reaffirmed a “buy” rating and set a $475.00 target price on shares of MongoDB in a research note on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of MongoDB in a research report on Monday, December 29th. Morgan Stanley lifted their price target on shares of MongoDB from $400.00 to $440.00 and gave the company an “overweight” rating in a research note on Tuesday, December 2nd. Finally, Mizuho reduced their price objective on shares of MongoDB from $380.00 to $290.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $354.18.

MongoDB Price Performance

NASDAQ MDB opened at $260.50 on Monday. The company has a market cap of $21.20 billion, a PE ratio of -296.02 and a beta of 1.40. The stock’s 50 day simple moving average is $354.08 and its 200-day simple moving average is $354.11. MongoDB, Inc. has a 1-year low of $140.78 and a 1-year high of $444.72.

MongoDB (NASDAQ:MDB) last issued 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. MongoDB had a negative return on equity of 1.03% and a negative net margin of 2.89%.The firm had revenue of $695.07 million for the quarter, compared to analyst estimates of $669.40 million. During the same period in the previous year, the company posted $1.28 earnings per share. The business’s revenue was up 26.8% on a year-over-year basis. On average, equities research analysts anticipate that MongoDB, Inc. will post -1.78 EPS for the current fiscal year.

Insider Buying and Selling at MongoDB

In other MongoDB news, Director Dwight A. Merriman sold 1,190 shares of MongoDB stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $369.75, for a total transaction of $440,002.50. Following the sale, the director owned 80,462 shares of the company’s stock, valued at $29,750,824.50. The trade was a 1.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Hope F. Cochran sold 1,566 shares of the company’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $421.85, for a total transaction of $660,617.10. Following the sale, the director directly owned 25,659 shares of the company’s stock, valued at $10,824,249.15. The trade was a 5.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 21,949 shares of company stock worth $8,981,630. 3.10% of the stock is currently owned by corporate insiders.

MongoDB Company Profile

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.