MongoDB (NASDAQ:MDB) Trading 7.2% Higher After Analyst Upgrade

MongoDB, Inc. (NASDAQ:MDB)’s stock price traded up 7.2% during trading on Monday after BMO Capital Markets raised their price target on the stock from $285.00 to $360.00. BMO Capital Markets currently has an outperform rating on the stock. MongoDB traded as high as $328.00 and last traded at $334.6390. 213,835 shares changed hands during trading, a decline of 88% from the average session volume of 1,796,941 shares. The stock had previously closed at $312.16.

Several other equities research analysts also recently weighed in on the company. Zacks Research downgraded MongoDB from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 31st. Citigroup raised their price objective on shares of MongoDB from $400.00 to $450.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. The Goldman Sachs Group decreased their target price on shares of MongoDB from $475.00 to $320.00 and set a “buy” rating for the company in a research note on Wednesday, March 4th. Weiss Ratings downgraded shares of MongoDB from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $260.00 price objective (down from $500.00) on shares of MongoDB in a research report on Tuesday, March 3rd. Twenty-six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, MongoDB presently has an average rating of “Moderate Buy” and an average price target of $364.23.

Insider Activity

In other MongoDB news, Director Dwight A. Merriman sold 8,000 shares of MongoDB stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $236.89, for a total value of $1,895,120.00. Following the transaction, the director owned 1,005,316 shares in the company, valued at $238,149,307.24. The trade was a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hope F. Cochran sold 1,566 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $249.33, for a total value of $390,450.78. Following the completion of the sale, the director owned 24,093 shares of the company’s stock, valued at approximately $6,007,107.69. This represents a 6.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 15,566 shares of company stock worth $3,875,011 in the last ninety days. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On MongoDB

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Cramer Rosenthal Mcglynn LLC increased its position in shares of MongoDB by 897.7% in the 3rd quarter. Cramer Rosenthal Mcglynn LLC now owns 57,795 shares of the company’s stock valued at $17,938,000 after acquiring an additional 52,002 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in MongoDB by 1,277.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,219 shares of the company’s stock worth $5,655,000 after acquiring an additional 16,896 shares during the period. Penserra Capital Management LLC boosted its stake in shares of MongoDB by 42.1% in the third quarter. Penserra Capital Management LLC now owns 135,036 shares of the company’s stock valued at $41,910,000 after purchasing an additional 39,978 shares during the period. Pinegrove Venture Partners LLC acquired a new stake in shares of MongoDB in the 3rd quarter worth about $1,032,000. Finally, Kinetic Partners Management LP lifted its stake in MongoDB by 27.2% during the third quarter. Kinetic Partners Management LP now owns 195,769 shares of the company’s stock valued at $60,763,000 after buying an additional 41,810 shares in the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

MongoDB Stock Up 4.5%

The company has a market capitalization of $26.21 billion, a price-to-earnings ratio of -375.60 and a beta of 1.48. The company has a 50-day moving average price of $262.43 and a 200-day moving average price of $335.74.

MongoDB (NASDAQ:MDB) last released its quarterly earnings results 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. 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 the consensus estimate of $669.40 million. During the same quarter last year, the business posted $1.28 EPS. The company’s revenue for the quarter was up 26.8% on a year-over-year basis. Equities analysts expect that MongoDB, Inc. will post -0.46 EPS for the current fiscal year.

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.