MongoDB (NASDAQ:MDB) Price Target Lowered to $320.00 at Canaccord Genuity Group

MongoDB (NASDAQ:MDB) had its target price decreased by investment analysts at Canaccord Genuity Group from $385.00 to $320.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 21.15% from the stock’s previous close.

Several other analysts also recently weighed in on MDB. Royal Bank of Canada lifted their price objective on shares of MongoDB from $350.00 to $400.00 and gave the company an “outperform” rating in a research report on Tuesday, December 10th. Cantor Fitzgerald initiated coverage on MongoDB in a report on Wednesday. They issued an “overweight” rating and a $344.00 price objective for the company. UBS Group set a $350.00 target price on MongoDB in a research note on Tuesday. DA Davidson increased their price target on MongoDB from $340.00 to $405.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, Monness Crespi & Hardt upgraded shares of MongoDB from a “sell” rating to a “neutral” rating in a research report on Monday. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, MongoDB presently has an average rating of “Moderate Buy” and a consensus target price of $345.17.

MongoDB Stock Up 3.8 %

Shares of NASDAQ:MDB opened at $264.13 on Thursday. The company has a market cap of $19.67 billion, a PE ratio of -96.40 and a beta of 1.30. MongoDB has a fifty-two week low of $212.74 and a fifty-two week high of $424.00. The firm has a 50-day simple moving average of $263.70 and a 200 day simple moving average of $275.28.

MongoDB (NASDAQ:MDB) last announced its quarterly earnings results on Monday, December 9th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.48. The business had revenue of $529.40 million for the quarter, compared to the consensus estimate of $497.39 million. MongoDB had a negative return on equity of 12.22% and a negative net margin of 10.46%. The business’s revenue was up 22.3% on a year-over-year basis. During the same quarter last year, the business posted $0.96 EPS. As a group, research analysts forecast that MongoDB will post -1.78 EPS for the current fiscal year.

Insider Transactions at MongoDB

In other MongoDB news, CFO Michael Lawrence Gordon sold 5,000 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $267.85, for a total value of $1,339,250.00. Following the completion of the sale, the chief financial officer now owns 80,307 shares of the company’s stock, valued at $21,510,229.95. The trade was a 5.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Thomas Bull sold 1,000 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $355.92, for a total value of $355,920.00. Following the sale, the chief accounting officer now owns 15,068 shares of the company’s stock, valued at approximately $5,363,002.56. This trade represents a 6.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 50,314 shares of company stock worth $13,337,753 in the last 90 days. 3.60% of the stock is owned by insiders.

Institutional Investors Weigh In On MongoDB

Several institutional investors and hedge funds have recently added to or reduced their stakes in MDB. Vanguard Group Inc. raised its position in shares of MongoDB by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 7,328,745 shares of the company’s stock valued at $1,706,205,000 after purchasing an additional 23,942 shares during the period. Jennison Associates LLC grew its stake in MongoDB by 23.6% in the 3rd quarter. Jennison Associates LLC now owns 3,102,024 shares of the company’s stock valued at $838,632,000 after buying an additional 592,038 shares during the last quarter. Franklin Resources Inc. lifted its position in MongoDB by 9.7% during the 4th quarter. Franklin Resources Inc. now owns 2,054,888 shares of the company’s stock worth $478,398,000 after acquiring an additional 181,962 shares during the last quarter. Geode Capital Management LLC lifted its position in MongoDB by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 1,252,142 shares of the company’s stock worth $290,987,000 after acquiring an additional 22,106 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in MongoDB by 12.6% during the fourth quarter. First Trust Advisors LP now owns 854,906 shares of the company’s stock valued at $199,031,000 after acquiring an additional 95,893 shares during the period. 89.29% of the stock is currently owned by institutional investors and hedge funds.

About MongoDB

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