MongoDB (NASDAQ:MDB) Downgraded by Morgan Stanley

Morgan Stanley lowered shares of MongoDB (NASDAQ:MDBGet Rating) from an overweight rating to an equal weight rating in a research note released on Monday morning, Marketbeat reports. The firm currently has $215.00 price target on the stock, down from their prior price target of $368.00.

Several other brokerages have also recently weighed in on MDB. Piper Sandler reduced their price objective on shares of MongoDB from $350.00 to $270.00 and set an overweight rating on the stock in a research note on Thursday, October 20th. Royal Bank of Canada cut their price target on shares of MongoDB from $400.00 to $350.00 and set an outperform rating on the stock in a research report on Thursday, September 1st. Barclays cut their price target on shares of MongoDB from $300.00 to $233.00 and set an overweight rating on the stock in a research report on Friday, November 18th. Mizuho cut their price target on shares of MongoDB from $300.00 to $190.00 and set a neutral rating on the stock in a research report on Tuesday, November 15th. Finally, Truist Financial initiated coverage on shares of MongoDB in a research report on Friday, September 30th. They set a buy rating and a $300.00 price target on the stock. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, MongoDB presently has a consensus rating of Moderate Buy and an average target price of $345.90.

MongoDB Stock Performance

Shares of MongoDB stock opened at $150.77 on Monday. The company has a quick ratio of 4.02, a current ratio of 4.02 and a debt-to-equity ratio of 1.70. MongoDB has a twelve month low of $135.15 and a twelve month high of $570.58. The stock has a market cap of $10.36 billion, a price-to-earnings ratio of -28.13 and a beta of 1.07. The company’s fifty day moving average is $181.02 and its 200 day moving average is $250.78.

MongoDB (NASDAQ:MDBGet Rating) last issued its quarterly earnings data on Wednesday, August 31st. The company reported ($1.69) earnings per share for the quarter, missing the consensus estimate of ($1.52) by ($0.17). MongoDB had a negative return on equity of 52.05% and a negative net margin of 33.43%. The business had revenue of $303.66 million during the quarter, compared to the consensus estimate of $282.31 million. During the same period in the prior year, the firm earned ($1.15) EPS. The business’s revenue for the quarter was up 52.8% compared to the same quarter last year. Sell-side analysts forecast that MongoDB will post -5.37 EPS for the current year.

Insider Buying and Selling

In related news, insider Thomas Bull sold 502 shares of the company’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $198.84, for a total value of $99,817.68. Following the sale, the insider now owns 16,602 shares in the company, valued at approximately $3,301,141.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Thomas Bull sold 502 shares of the company’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $198.84, for a total value of $99,817.68. Following the sale, the insider now owns 16,602 shares in the company, valued at approximately $3,301,141.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Dev Ittycheria sold 40,107 shares of the stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $199.87, for a total transaction of $8,016,186.09. Following the completion of the sale, the chief executive officer now owns 194,646 shares of the company’s stock, valued at approximately $38,903,896.02. The disclosure for this sale can be found here. Insiders have sold 87,665 shares of company stock worth $19,034,603 in the last quarter. Insiders own 5.70% of the company’s stock.

Institutional Investors Weigh In On MongoDB

Several institutional investors and hedge funds have recently added to or reduced their stakes in MDB. Renaissance Technologies LLC increased its stake in MongoDB by 833.6% in the 2nd quarter. Renaissance Technologies LLC now owns 520,000 shares of the company’s stock valued at $134,940,000 after buying an additional 464,300 shares during the last quarter. Marshall Wace LLP increased its stake in MongoDB by 87.4% in the 3rd quarter. Marshall Wace LLP now owns 696,998 shares of the company’s stock valued at $138,396,000 after buying an additional 325,136 shares during the last quarter. Voya Investment Management LLC increased its stake in MongoDB by 905.0% in the 2nd quarter. Voya Investment Management LLC now owns 346,477 shares of the company’s stock valued at $89,911,000 after buying an additional 312,003 shares during the last quarter. Jennison Associates LLC purchased a new stake in MongoDB in the 1st quarter valued at about $113,395,000. Finally, Eventide Asset Management LLC increased its stake in shares of MongoDB by 236.2% during the 3rd quarter. Eventide Asset Management LLC now owns 289,160 shares of the company’s stock worth $57,416,000 after purchasing an additional 203,160 shares during the last quarter. Hedge funds and other institutional investors own 89.85% of the company’s stock.

MongoDB Company Profile

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MongoDB, Inc provides general purpose database platform worldwide. The company offers MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in the cloud, on-premise, or in a hybrid environment; MongoDB Atlas, a hosted multi-cloud database-as-a-service solution; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB.

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