Insider Selling: MongoDB (NASDAQ:MDB) Director Sells $580,120.00 in Stock

MongoDB, Inc. (NASDAQ:MDB) Director Dwight Merriman sold 2,000 shares of the business’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $290.06, for a total transaction of $580,120.00. Following the completion of the sale, the director directly 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MongoDB Stock Performance

NASDAQ:MDB opened at $302.94 on Thursday. The company has a market capitalization of $24.35 billion, a price-to-earnings ratio of -344.25 and a beta of 1.48. MongoDB, Inc. has a one year low of $182.43 and a one year high of $444.72. The stock has a 50-day simple moving average of $260.14 and a 200 day simple moving average of $336.15.

MongoDB (NASDAQ:MDB) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.18. The firm had revenue of $695.07 million for the quarter, compared to analysts’ expectations of $669.40 million. MongoDB had a negative return on equity of 1.03% and a negative net margin of 2.89%.MongoDB’s revenue for the quarter was up 26.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.28 earnings per share. On average, equities research analysts forecast that MongoDB, Inc. will post -0.46 EPS for the current fiscal year.

Institutional Investors Weigh In On MongoDB

Several large investors have recently made changes to their positions in the company. Cornerstone Planning Group LLC grew its holdings in MongoDB by 1,220.0% in the 4th quarter. Cornerstone Planning Group LLC now owns 66 shares of the company’s stock worth $27,000 after buying an additional 61 shares in the last quarter. Central Pacific Bank Trust Division bought a new stake in MongoDB during the 4th quarter valued at $28,000. Huntington National Bank raised its stake in MongoDB by 110.9% during the 3rd quarter. Huntington National Bank now owns 97 shares of the company’s stock valued at $30,000 after acquiring an additional 51 shares in the last quarter. International Assets Investment Management LLC acquired a new position in MongoDB during the 4th quarter worth $33,000. Finally, Cassaday & Co Wealth Management LLC acquired a new position in MongoDB during the 1st quarter worth $34,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Canaccord Genuity Group decreased their price objective on shares of MongoDB from $455.00 to $375.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. DA Davidson dropped their price objective on shares of MongoDB from $465.00 to $385.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Wall Street Zen downgraded MongoDB from a “buy” rating to a “hold” rating in a research note on Saturday, April 18th. Robert W. Baird reiterated a “neutral” rating and set a $260.00 price target (down from $500.00) on shares of MongoDB in a research report on Tuesday, March 3rd. Finally, UBS Group cut their price target on MongoDB from $440.00 to $275.00 and set a “neutral” rating on the stock in a report on Tuesday, March 3rd. Twenty-six equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $363.58.

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.