Truist Financial Issues Pessimistic Forecast for MongoDB (NASDAQ:MDB) Stock Price

MongoDB (NASDAQ:MDB) had its target price dropped by analysts at Truist Financial from $300.00 to $275.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 54.47% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Scotiabank reaffirmed a “sector perform” rating and issued a $240.00 target price (down previously from $275.00) on shares of MongoDB in a report on Wednesday, March 5th. The Goldman Sachs Group dropped their price objective on shares of MongoDB from $390.00 to $335.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Barclays reduced their target price on MongoDB from $330.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $350.00 price objective on shares of MongoDB in a research report on Tuesday, March 4th. Finally, Macquarie reduced their target price on shares of MongoDB from $300.00 to $215.00 and set a “neutral” rating on the stock in a research report on Friday, March 7th. Seven investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $319.87.

MongoDB Stock Performance

NASDAQ:MDB opened at $178.03 on Monday. The company has a 50-day moving average of $245.56 and a 200-day moving average of $265.95. The company has a market capitalization of $14.45 billion, a price-to-earnings ratio of -64.97 and a beta of 1.30. MongoDB has a 52 week low of $172.95 and a 52 week high of $387.19.

MongoDB (NASDAQ:MDB) last issued its earnings results on Wednesday, March 5th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.45). MongoDB had a negative return on equity of 12.22% and a negative net margin of 10.46%. The company had revenue of $548.40 million during the quarter, compared to analyst estimates of $519.65 million. During the same period in the previous year, the company posted $0.86 earnings per share. Sell-side analysts forecast that MongoDB will post -1.78 EPS for the current year.

Insider Activity

In related news, CAO Thomas Bull sold 169 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $234.09, for a total transaction of $39,561.21. Following the transaction, the chief accounting officer now directly owns 14,899 shares of the company’s stock, valued at approximately $3,487,706.91. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dwight A. Merriman sold 3,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $270.63, for a total value of $811,890.00. Following the sale, the director now directly owns 1,109,006 shares of the company’s stock, valued at $300,130,293.78. This represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,139 shares of company stock valued at $11,328,869 in the last quarter. Company insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MDB. Cerity Partners LLC increased its stake in shares of MongoDB by 8.3% during the third quarter. Cerity Partners LLC now owns 9,094 shares of the company’s stock worth $2,459,000 after purchasing an additional 695 shares during the period. The Manufacturers Life Insurance Company increased its position in MongoDB by 3.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 28,101 shares of the company’s stock worth $7,596,000 after buying an additional 1,022 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of MongoDB by 1.6% during the third quarter. MetLife Investment Management LLC now owns 4,450 shares of the company’s stock worth $1,203,000 after buying an additional 72 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of MongoDB by 23.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,143 shares of the company’s stock valued at $4,094,000 after acquiring an additional 2,858 shares during the period. Finally, Icon Wealth Advisors LLC acquired a new position in shares of MongoDB in the third quarter valued at about $109,000. 89.29% of the stock is owned by institutional investors.

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.