Eminence Capital LP Makes New Investment in MongoDB, Inc. $MDB

Eminence Capital LP acquired a new position in shares of MongoDB, Inc. (NASDAQ:MDB) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 433,045 shares of the company’s stock, valued at approximately $134,409,000. MongoDB accounts for about 1.6% of Eminence Capital LP’s holdings, making the stock its 26th largest holding.

Other hedge funds have also recently made changes to their positions in the company. Cramer Rosenthal Mcglynn LLC grew its stake in MongoDB by 897.7% during the 3rd quarter. Cramer Rosenthal Mcglynn LLC now owns 57,795 shares of the company’s stock valued at $17,938,000 after purchasing an additional 52,002 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of MongoDB by 1,277.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,219 shares of the company’s stock worth $5,655,000 after purchasing an additional 16,896 shares during the period. Pacer Advisors Inc. boosted its position in MongoDB by 209.0% in the third quarter. Pacer Advisors Inc. now owns 4,549 shares of the company’s stock valued at $1,412,000 after buying an additional 3,077 shares during the last quarter. Penserra Capital Management LLC boosted its position in 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 buying an additional 39,978 shares during the last quarter. Finally, Pinegrove Venture Partners LLC acquired a new position in MongoDB in the 3rd quarter worth approximately $1,032,000. 89.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MDB has been the topic of several recent research reports. Piper Sandler dropped their price objective on shares of MongoDB from $490.00 to $330.00 and set an “overweight” rating on the stock in a report on Tuesday, March 3rd. Cantor Fitzgerald lowered their price target on shares of MongoDB from $454.00 to $378.00 and set an “overweight” rating on the stock in a report on Tuesday, March 3rd. Bank of America reiterated a “buy” rating on shares of MongoDB in a research note on Tuesday, March 3rd. Wall Street Zen raised MongoDB from a “hold” rating to a “buy” rating in a report on Sunday. Finally, Oppenheimer lowered their target price on MongoDB from $425.00 to $375.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $354.18.

MongoDB Stock Performance

MDB opened at $260.50 on Friday. MongoDB, Inc. has a fifty-two week low of $140.78 and a fifty-two week high of $444.72. The company has a fifty day moving average of $354.08 and a two-hundred day moving average of $353.70. The stock has a market capitalization of $21.20 billion, a price-to-earnings ratio of -296.02 and a beta of 1.40.

MongoDB (NASDAQ:MDB) last posted its earnings results on Monday, March 2nd. The company reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.18. MongoDB had a negative net margin of 2.89% and a negative return on equity of 1.03%. The business had revenue of $695.07 million for the quarter, compared to analyst estimates of $669.40 million. During the same period in the prior year, the company posted $1.28 EPS. The company’s revenue for the quarter was up 26.8% on a year-over-year basis. On average, equities research analysts forecast that MongoDB, Inc. will post -1.78 earnings per share for the current year.

Insider Buying and Selling

In other MongoDB news, Director Hope F. Cochran sold 1,566 shares of the firm’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $421.85, for a total value of $660,617.10. Following the sale, the director directly owned 25,659 shares of the company’s stock, valued at approximately $10,824,249.15. This trade represents a 5.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dwight A. Merriman sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $407.70, for a total value of $4,077,000.00. Following the completion of the sale, the director owned 1,031,316 shares of the company’s stock, valued at $420,467,533.20. This trade represents a 0.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 21,949 shares of company stock worth $8,981,630 in the last quarter. 3.10% of the stock is currently owned by company insiders.

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.