Piper Sandler Increases MongoDB (NASDAQ:MDB) Price Target to $275.00

MongoDB (NASDAQ:MDB) had its target price hoisted by investment analysts at Piper Sandler from $200.00 to $275.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 37.69% from the company’s previous close.

A number of other analysts have also recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $270.00 target price on shares of MongoDB in a research note on Thursday. Barclays cut their target price on shares of MongoDB from $280.00 to $252.00 and set an “overweight” rating for the company in a research note on Friday, May 16th. Canaccord Genuity Group cut their target price on shares of MongoDB from $385.00 to $320.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Rosenblatt Securities cut their target price on shares of MongoDB from $305.00 to $290.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Oppenheimer cut their target price on shares of MongoDB from $400.00 to $330.00 and set an “outperform” rating for the company in a research note on Thursday, March 6th. Eight equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $288.19.

MongoDB Stock Up 3.1%

Shares of MDB stock opened at $199.73 on Thursday. The company has a market capitalization of $16.22 billion, a price-to-earnings ratio of -72.89 and a beta of 1.40. MongoDB has a 12-month low of $140.78 and a 12-month high of $370.00. The firm has a fifty day moving average of $174.22 and a 200-day moving average of $231.03.

MongoDB (NASDAQ:MDB) last announced its quarterly earnings results on Wednesday, June 4th. The company reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.35. The firm had revenue of $549.01 million during the quarter, compared to analysts’ expectations of $527.49 million. MongoDB had a negative net margin of 10.46% and a negative return on equity of 12.22%. The company’s revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.51 earnings per share. On average, equities analysts expect that MongoDB will post -1.78 EPS for the current year.

Insiders Place Their Bets

In other MongoDB news, insider Cedric Pech sold 1,690 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $173.26, for a total transaction of $292,809.40. Following the sale, the insider now directly owns 57,634 shares of the company’s stock, valued at $9,985,666.84. The trade was a 2.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Srdjan Tanjga sold 525 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $173.26, for a total transaction of $90,961.50. Following the sale, the chief financial officer now directly owns 6,406 shares in the company, valued at $1,109,903.56. The trade was a 7.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,203 shares of company stock valued at $3,848,569 in the last ninety days. 3.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of MongoDB by 6.6% in the 1st quarter. Vanguard Group Inc. now owns 7,809,768 shares of the company’s stock worth $1,369,833,000 after purchasing an additional 481,023 shares during the period. Franklin Resources Inc. lifted its position in shares of MongoDB by 9.7% in the 4th quarter. Franklin Resources Inc. now owns 2,054,888 shares of the company’s stock worth $478,398,000 after purchasing an additional 181,962 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of MongoDB by 11.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,271,444 shares of the company’s stock worth $223,011,000 after purchasing an additional 129,451 shares during the period. Geode Capital Management LLC lifted its position in shares of MongoDB by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 1,252,142 shares of the company’s stock worth $290,987,000 after purchasing an additional 22,106 shares during the period. Finally, Amundi lifted its position in shares of MongoDB by 53.0% in the 1st quarter. Amundi now owns 1,061,457 shares of the company’s stock worth $173,378,000 after purchasing an additional 367,717 shares during the period. Institutional investors and hedge funds own 89.29% of the company’s stock.

MongoDB Company Profile

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.