MongoDB (NASDAQ:MDB) Trading Up 7.4% Following Analyst Upgrade

MongoDB, Inc. (NASDAQ:MDB)’s stock price shot up 7.4% during trading on Thursday after DA Davidson raised their price target on the stock from $375.00 to $465.00. DA Davidson currently has a buy rating on the stock. MongoDB traded as high as $435.71 and last traded at $436.3130. 92,635 shares were traded during mid-day trading, a decline of 95% from the average session volume of 1,845,679 shares. The stock had previously closed at $406.11.

A number of other research firms also recently weighed in on MDB. Needham & Company LLC upped their price target on MongoDB from $400.00 to $430.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Wedbush boosted their price objective on MongoDB from $380.00 to $390.00 and gave the company an “outperform” rating in a report on Friday, May 29th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $453.00 target price on shares of MongoDB in a research report on Wednesday, August 19th. Weiss Ratings raised shares of MongoDB from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, August 13th. Finally, Cantor Fitzgerald boosted their target price on shares of MongoDB from $378.00 to $416.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $453.19.

Insider Buying and Selling at MongoDB

In other news, Director Dev Ittycheria sold 40,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $383.16, for a total value of $15,326,400.00. Following the completion of the sale, the director owned 161,762 shares in the company, valued at $61,980,727.92. This represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Hope F. Cochran sold 1,566 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $344.05, for a total transaction of $538,782.30. Following the transaction, the director directly owned 25,444 shares in the company, valued at $8,754,008.20. The trade was a 5.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 125,746 shares of company stock worth $49,310,038. 2.60% of the stock is currently owned by insiders.

Institutional Trading of MongoDB

A number of hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC boosted its holdings in shares of MongoDB by 31.6% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,363 shares of the company’s stock worth $239,000 after buying an additional 327 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of MongoDB by 55.0% during the 1st quarter. NewEdge Advisors LLC now owns 4,238 shares of the company’s stock valued at $743,000 after acquiring an additional 1,504 shares during the period. Sivia Capital Partners LLC purchased a new stake in shares of MongoDB during the 2nd quarter worth approximately $329,000. Cresset Asset Management LLC raised its holdings in shares of MongoDB by 13.4% in the 2nd quarter. Cresset Asset Management LLC now owns 3,138 shares of the company’s stock worth $659,000 after purchasing an additional 370 shares during the period. Finally, Cerity Partners LLC lifted its stake in MongoDB by 28.3% in the second quarter. Cerity Partners LLC now owns 12,215 shares of the company’s stock valued at $2,565,000 after purchasing an additional 2,697 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors.

MongoDB Stock Up 8.1%

The firm has a 50 day moving average of $360.53 and a 200 day moving average of $319.94. The firm has a market cap of $35.31 billion, a PE ratio of -1,184.23, a P/E/G ratio of 2,876.48 and a beta of 1.55.

MongoDB (NASDAQ:MDB) last issued its earnings results on Thursday, May 28th. The company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.13. MongoDB had a negative return on equity of 1.39% and a negative net margin of 1.12%.The firm had revenue of $687.62 million for the quarter, compared to analyst estimates of $664.53 million. During the same period in the previous year, the company posted $1.00 earnings per share. The business’s revenue was up 25.2% on a year-over-year basis. On average, research analysts anticipate that MongoDB, Inc. will post 0.01 EPS for the current year.

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.